New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1851-02-06

In January, s50....................$l54l2 e
! lS5l,.................'. 4l'0OI ~
Increase, nearly s3i per cent?. $3.50 "a
The New.Haven Road freight is not included
in the above as the returns had not been received
This would add considerably to the above amount
were it in.
Moses Maynard, Jr, late Receiver, has been
elected President of the Long Island Railroad
! Company and Mr.. L. c. Clark of st Louis has
been elected Director, vice Mr.. E. w. Clark,
resigned.
A re solution has been passed by the Board to
purchase new cars and engines aud heavy iron to
relay the Brooklyn and Jamaica portion Of the
Road, and Committee appointed to carry the
resolution into effect Committee was also ap-
pointed to confer with the Brooklyn and Jamaica
Road upon the subject of consolidation Of the
| two Roads under the title of the Brooklyn and
Greenport Railroad. The Long Island Road is
now under efficient management in the hands OF
practical men, and will be put in perfect order,
that the service of the Road may be done to the
entire satisfaction of the public.
A new Bank, to be called the B snk Of North
America" is in progress OF formation, of which
Mr.. Fisk, late Of the American Exchange Bank,
is to be President, and Mr.. Isaac Seymour, of the
Westchester Bank, Cashier The list which we
saw az Messrs. Gilbert & Johnsons Office con-
tanned some large subscriptions.
A locomotive probably ran over the Erie Road
to-day from Hornelsville to Cuba and thus another
link of this great work, fifty miles in length, is
completed and in working order. This new ex.
tension will be open to the public in few days
| Eighteen miles east from Dunkirk is also ironed
and ready for the locomotive, and of the remain.
! ing distance, some 25 or 30 miles only are not
ready for the iron.
The Michigan Southern Railroad Company, and
the Michigan Central Railroad Company, have
been engaged in an active canvass before the In
diana Legislature, in regard to the right of way
for the Railroad from Michigan City to the
western line of the State of Indiana.
The Michigan Southern Company had obtained
control of several Indiana charters, under which
they claimed an exclusive right to build Raj.
road around the head Of Lake Michigan, from
Michigan City N the direction Of Chicago
| They organized in Indiana under the name oil
the Northern Indiana Railroad Company and
they applied to the Legislature Of that State
for an act which should vest in the Northern
Indiana Railroad Company all the rights and
| privileges which had been previously con-
ferred upon the several Companies whose char.
ters they had secured. This application was
vigorously opposed by parties who sought to OBJ
tain a right to build another and parallel road
from Michigan City west. The question as to the
existing right of the Michigan Southern Company
under the charter which had been assigned to
them, was referred to the Judiciary Committee
of the Senate, which reported favorably TO the
Southern Company and the Legislature accord
ingly granted their application, and passed the
act whereby, among other things, an exclusive
right is secured to the Northern Indiana Company
(which is merely a continuation Of the Michigan
Southern Road through Indiana) to construct a
railroad from Michigan City west toward Chics-
go. Subsequently the friends of the Central Com
pany introduced q bill authorizing them to con-
struct road from La Fayette to Michigan City,
and thence westerly toward Chicago; but the
Legislature refused to interfere with the vested
rights of the other Company, and the bill was re-
jected
The Northern Indiana Company has books open
in this City for subscriptions for the remainder Of
its stock, most of which has been already taken
1t is a road which 10 remarkable for the cheapness
with which it can be constructed II commenced
at the point in the southern boundary line OF Mich
igan, whore the Michigan Southern Road termi
mates, and extends thence westerly, through the
State of Indiana by way of Michigan City, TO-
ward Chicago The entire line from the Mich
gan Southern Road to Chicago is about IL miles
long and Mr.. Jervis, the Chief Engineer of the
Company estimates that it can be finished, with
heavy rail, for less than $4,000 y mile and
that when provided with ample station scoommo-
dations, and equipment for the immense traffic
which is destined to pass it, it will not have
cost to exceed $4,000 per mile. When 1t is re-
membered that this is trunk road, forming part
Of the great Northern line from the Atlantic to
the Mississippi, it cannot be doubted that from
its small COST and with its valuable chartered
right, it must prove one Of the most productive
and valuable railroad stocks in the country.
A section has passed the Indiana Constitutional
Convention applying all SURPRISES in the Treasury,
proceeds Of the sale Of Public Works belonging to
the State, to the payment of the State debt.
The increase Of business on the Madison and In
disnspolis Road during the past year, present: a
most gratifying result. The following table will
show the increase in the leading articles OF traffic,
as compared with ls49. 1t is to be borne in mind,
that before the crop Of this year into market
the freight transportation was very light; and that
the comparison is very nearly that of the last six
months off with the year 1919:
Items. 1S49. 1880. Increase.