The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1851-03-21

"a this arrangement, IL expected will add ct least
$4,000 TO the income OF the Naugatuck Railroad
Company.
The nfth instslmsnt Of S. per share Of the subscrp
tion Of 1860 to the stock Of the Pennsylvania Railroad
Company, viii be due and payable at the Office Of the
Company, on the first Of April.
supplement to the charter Of the Leggets Gap
Rsilrsad Company passed the House on Monday, by .
large majority The road to extend from Providence
Luzerne county, to Great Bend susquehsnnah county,
county, there to intsrsect the New York and Erie
Railroad. The supplement suthorisss the company to
Increase their capital stock 100000, or, in lieu
Of the same any part thereof toissue bonds, or cor
fcstes Of loan and in such the directors shall
have the power to give the stock bonds and certih-
sstes thus issued, such preference by mortgage or
otherwise, the original capital stock Of tho CON-
pany, in the amount and payment of dividends, and
Of interest not exceeding seven per cent - they shall
deem expedent Provided, That to the extent Of any
sum Of money, which shall be subscribed to the In
creased capital stock the company shall be taxed
Der cent payable in every at the end Of year
after tho date Of suoh subscription to be appropriated
- redemption of the loans OF this commonwealth
Provided That II shall not be lawful for the said COM
papy svsde the payment Of any Of Its obligations by
virtue of the plea of issuing against the party who
may for the same"
The Senate Of Pennsylvania has passed a general
banking law, authorizing free banks. Deposits Of
State stocks to make tho basis OF all issues the
tssues be 90 per cent of the market value OF the
stocks deposited, not exceeding par Each stock
holder to be liable tor all the circulation and for ell
contract debts. Quarterly statements to be made
Banks east of the mountains to keep their notes
- par in Philadelphia and those went at Pittsburgh
Failures to pay on demand In gold silver, 10 to
cause an immediate winding up of affairs
In the Massachusetts, House of Representatives the
Committee on Banks and Banking reported bills to
incorporate tho Cambridge Market Bank, with CAPT.
tai Of 100000; Faneuil Hall Bank, Boston, with
capital OF $5000o0 Hsdley Falls Bank Hoyoke, with
capital OF $4,000; Essex Bank 900, and Nal
dem Bank, $1,000 and bill increasing that of the
Western Bank Danvers, BY the sum OF S6o,0 00 The
total of there sums is 81 100000.
The Wabash and Erie Canal, and Miami Canal from
Cincinnati to Terra Hsute will open navigation
the Inst inst, to morrow and from Toledo to Terra
Haute on the LIST OF April The Wabash and Erie
Canal Is now completed between Toledo, Ohio and
Point Commerce, Indiana, giving continued line Of
canal OF 1852 miles-26S In tho State Of Ohio, aud 81
miles In Indiana. The continuation of the line IF ON
Point Commerce to Evansville, the Ohio river, Q
dsta Of 1llh miles is all under contract; eRec-
tive force of 1900 has been employed up
on 1t the past season, and its final completion
n the fall Of 1852 placed beyond q doubt. This
great work. 50 soon to be completed, will be 4sah
miles In length-the largest work Of the kind
undertaken BY any State Of the Am ercsn Union
the largest continuous Artificial channel Of oommu-
n,cation on the European or American continents.
1t passes through country of unrivaed pr oductive
in the substantial articles Of human food, and
capable of supplying dense and active population.
Prom the annual report of the trustees to the Genera
Assembly of the State of Indiana for 1850, learn
s1hcially, that the canal was opened between the
State line and Lafayette, the 18th Of March last,
and south Of that point, the first of April 1t
closed the 9Th Of December, having been open for
navigation 26l days From the State line to Coal Creek
distance Of 1870 miles, navigation suspended dur.
ing the season less than two days, and the bresoh
which oocasioned 1t was repaired at expense Of
about two hundred dollars. Several large breaches
occurred other divisions Of the canal; but taking
the cost per mile of the repairs given during
the last three years. 1t less than any similar canal
In the country. Merchandise purchased in New
New York was transported the past season to rerrs
HAute, Ia twenty two days.
The revenue OF the canal, within the limits Of In
diana, the past year. smeuntedto S157 1853 3s, being
an increase OF s224e6 IS over the previous year.