New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1850-10-22
SECOND BOARD.
MONDAY, Oct. PPM.

Slay, and generally the fanclcS lcii on heaQlho
and Farmers were especially heavy, and Indiana
Bonds declined to 92l. y. a. Trust was firm at
advanced rates, selling at 49,. Norwich and
Worcester was also firm and in demand. At the
Second Board there was a rather better feeling,
and prices in some cases recovered somewhat.
Delaware and Hudson fell off y cent. in conse-
quence Of the intention of the Company to in
crease their capital stock. Sales were made
at lag.
The demand for Exchange has not been large
today and the supply fair. The quotation
for Sterling was dull at l0l 0l03, with considera-
bic sales prime bills at l0s y cent. The new
cotton crop is now going forward from the South
10 some extent, and must furnish a supply Of bills
while the active season of demand is passed
Francs, 5l7J G5l5 Amsterdam, II 04l4; Ham
burg, 360364 Bremen, sO08Ol
The steamer will take out $25O0OO or 100000
in coin, not dollar of which will come out of our
Banks. The amount of coin coming in from the
west is large.
In Freights the market is not active and the
quotations without change. Engagements 5000
or4OoO bbs. Flouratls; 1000 bbs Turpentine and
Resin on private terms and some Cotton at 81
y bale To London 1000 or 5000 bbs. Flour
were taken at Is Id To Havre the rate is &c.
There is fair business doing to California at 90
09Oc y foot.
Money continues easy and very abundant The
supply Of paper is below the demand. The rates
have downward tendency. Loans on call, A
@6 % cent. First.cass short paper, 06, long,
70e o cent,
The Receipts at the Sub-Treasury are s7O,l 100;
Payments s38o63, Balance, s4,538, 436
The Managers of the Southern Michigan Road
have Just issued a statement of the condition and
prospects of that Road, in order to give capital
lists the necessary information in regard to It's al
fairs to govern themin bidding Tor the Bonds about
to be issued. The security of these Bonds is I'M
questionable and the rate OF interest liberal The
amount ofmoney expended on the portion finished
and to be finished and the amount of revenue al
ready being earned makes these Bonds one of
the most desirable nyc stmentS before the public
We give annexed some extracts from the state
ment alluded to:
The Michigan Southern Railroad, now in progress otcon-
strucon, extends from Monroe on Luke Enc, TO the St
Josephs River. the line dividing the States OF Michigan
and Indiana, distance Of 40 miles
This was of the roads originally polecedbN the State
of Michigan as u part OF her system oi internal improve
men,s prosecuted by the State until she tailed m her
10 Company incorporated by the name OF The Michigan
Southern Railroad Company, GIVING TO ihe company oIo-
eral md perpetual charter
At the lime OF the transfer the Company, in 1916, the
State had completed II from Monroe through Adrian q
tsdale distance OF 68 miles aud had completed 9bancf
of 10 miles uorhery from II to Tecumseh making u mics
OF acmav constructed road, at cost 10 Inc S'ae oi uP"fo
The Company, since 1896 has graded md bridged a
miles in addition, from Hsdae 10 SuFses rrire afenoM
LAYING down the iron rails ana VIII nave
for the cars by the LIST OF January next. II. 49,.
The residue line, from Surges 10 tue iniala me
about % miles, is under contract Tor grading ana otuSts
TO be completed early yeurlhc non tor the entire me
having been already purchased -
This road occupies most advantageous position, Oels
an important connecting link IN the great cham OF railways
from the City OF NcwYork by way othe lake shore road
and Chicago Galena, tie Mississippi River and OF
The nearest and most direct route
The country through which this road runs and necessarily
thury 10 it, is OF vast extent ard great fertility producing
IN abundance wheat, oats, horses hogs, cattle &c
yet comparatively in It's infancy, 6ut increasing N Wea'i
and population 10 degree almost OnparMle!ed nistorE,
Mr. Harhach the ComparyS Engineer, estimates the en-
IRE cost of the road from Monroe TO the Indiana hne IN
catng heavy Il rail wtchis 10 be used and ie rel0yme
the orrinal finished portion ut 500000 including the
ofhe finished portion, motive power, cars, NC, -,
The right OF way the whole line has been obtained
To NEE, the above expenditure the Company has reliable
subscriptions 10 the amount of Sl500000 including
the finished part OF The road The residue to he pad lo
by of the bonds OF the Company as herein conIem
Notwithstanding The almost entire failure oil The crops
and the prevalence oil the cholera winch dNflne e III,
season inutousy affected all western toa1s te earn
nys OF this road for The year ending 5lst july 1900 exceed
ed $0200o Fer August 1850 the earnings We're Stei1
n For Superintendent they weree2o]SU ihese receipt
were derry ed from the road Units unfinished Condition
The Directors feel confident that when the line Is com
plee 10 the Indiana state Inc, Ms earnings WI" hot NC es
than SSG0.000 10 100000 per year
If then This roa, as a mere local one, terminating at
small interior village yields sucl an amount OF income
what will il do when lis connections made 10 Chicago
and Gaena west, and TO Duukirk and New York east
Al Chicago this road will conecwith the railroad aoou
IN he completed from that point through the center OF t
Stale OF neis south 10 Cairo al the mouth ol uhe oA'
river thence to Mobile, i'll Alabama ,.,
Me
the extension of this road passes are making large suo
scriptos in their corporate capacities and the citizens srt
Iskng stock beraly The entire line within that State K
Michigan City viii lee put under contract without delay
From Michigan City the State lne OF Limos, aoou
20 miles is under contract and nearly completed
The Enc and Kalamazoo Railroad - mlies long tN
tending from Toledo ono on Lake Ere 10 Aut!@i 9
Michigan Southern Railroad IS III the possession ana con
trol OF the latter under perpetual lease on terms ts
advantageous thus connecting The Lake shore roads VIII
The mortgage IN this case is made cover one nilio'
of dollars Ito DC sold raise UeanS to pay Tor me iron l
equipments All expenditures Tor grading an hridgns ny
no The iron viii be PAID OF the stock subscriptions
By the terms of the mortgage MOI more than o th'
bonds can be sold until the line shall Dc comPeteolo sur
res Prairie ia miles from Lake Erie, when frle
amount of SS00000 may be issued Ana Wneh ths I1a,
shall have been completed the Indiana state me lit
sun, OF 5000 is permitted, making N III one i'o' q
above stated. 60. . ,a, o., Sl,orbor,
Knapp ESQ OF the City OF Newfork, as trustee ana EN-
braces The entire line OF the road completed and 10 be com
pleed from Monroe the Indiana line $40 mics and llt
branch OF 10 miles, motive power cars depot ic e0'"
Sc costing when completed, S2,500,0Oo
No Other or lien Of any KIND f N, oS On 1 ne
he ,oad except that the State OF Michigan has hen upon
The balance Of cha enemy S bs 5 epd
IN necmSe, 10 500 COO and is payable in equal sematnn
al psamens But this is considered as entirely nom
oa and in no way affecting the value OF me security hI"
Offered for an auionnt is owing the Company from ne
srippa stockholders, falling due al tho times me niss
nen,s 10 the State fail due, well secured 10 an amount con
sidesabiy beyond the debt 70 the State
The Bonds are issued under the authority OF specai act
eff The Legislature Of Michigan making the oohgailons o.
the Company Just binding sold under par Us d soo u
par n,
ehanics Rank In the City OF NewYorS, on The LIST OF NO
yenser 1850 WITH p:eesi al seyeD per cent perannIp,