New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1852-06-29

Ter, 20 constructa main Inc OF h@ishy uf"etus~
proyisce were aeeeptsd by the council, and nIulcar
lion 10 that effect went Englend BY the n- "nicn
here this morning II the gentlemen 10 Easa1d 4et 70
the prompt manner as the EsecouSee, ,ns
early In August making out tn. actual course OF toe
railway and making the necessary measurements Tor
prepsripg estimates.
THE 50. Cathdrine's (Canada) Journal
estimates the receipts Of the Welland Canal for the
present season at about $4,000. Last year this
amounted to s2000O0.
The London Times, in speaking of the
Illinois Central Railroad loan, holds the following lam
gaage:
An amount equal to 100000 sterling Of the bonds OF
an Anne ricsn company called the Illinois Cenrd R.il
road has just been introduced upon tue STOCK tx
change and the greater part OF II understood % nave
been already subscribed The railway has been com
rnenced ana It's length is ts be 700 mites, EXIT ending
thu ough the entire S'ate of Illinois, and conoecnog all
the great brAI ches Of travel from Canada 10 the Gu OF
Mexico It, cost IL estimated at sl7OOOOOO or about
1850 per mile and thiss TO be raised by an Issue oil
Six per Cent Bonds of which $4,000 600 are 70 De
taken 10 the United STATES, and s5OOOOOO mere s1co
bonds being secured by the line tse and By JOO,OOO
acres of land granted by Congress 10 the state ano oy
the State 10 the com oany They be paid off at par
in l7ej but may be redeemed at any cartier period az
20 per cent premium COncurrenty with the Is.
sue of The bonds nomir al share capital also OF
SI7 100000 will be created by the company and, as
The promoters rely that before 1873 the sales OF toe
sl ds ant the profits Of the line viii have discharged
the whole Of the bond debt he road wouldthen oeco ne
their property wiihOu, ip having cost them anything
As an inducement however 70 the takers OF the oonds
TIE option Is given them Of participating 10 this pros
peciive reversion They may accordingly, II they
choose become shareholders TO the extent Ut onehaf
the their bonds IN which case suppostng the
outlay for the line should not exceed the contemplated
S17000000 every holder of &lO0 bond alter he has
been PAID of 10 1872 will st possess $50 STOCK In tne
line for which no payment will ever have been requr-
ed of course the entire value Of the scheu thus SUD
uitted depend upon the cJrrectness OF the esu.
mates regarding the ultimate value OF the lands granted
by Congress the cost of the road and It's prospects OF
sic and lastly the constitutional validity OF the ar
der which the whole plan has been form.
ed, and In which the Federal Government the State
Government, apdthe company, have all been parties
With regard the fist points enough lie known of
the general results Of similar works 70 enable persons
with what has taken place during the lastht
years in America TO arrive at dstf CT though not
positive opinion but The chief rellaace must stil be
placed upon the standing of those by whOrSthe propo
sale introduced In this respect both as regards the
dire ctOrs IN the United States and the trustees and
agents in England there ls enough In the commercial
position OF the parties TO excite full confidence that the
undertaking is believed to be intrinsicay souno as re-
spects any questions Of cons'uOnaty 1t IL be men,
toned that the company is New York one, and that
owing TO s lands having been granted by Congress- the
tribunal to whose jurisdiction IL would be amenasle
the Supreme Court of the United States, ard not tue
Legislative Assembly of Illinois If the reverse were
the fact 1t would be necessary 10 protest against the in
PRODUCTION Of spy Of the securities of the company on
this side. Although Illinois has never repudiated her
public obligations she is still defaulter to heavy ex
tent sind at one time she passed an arbitrary aw impo
sing corscaob in her creditors should fail t. reg
lister their bonds within n certain defined period Hap
PLY since that date different mas been manifested
and full discharge OF every abi Is ultimately to be
looked for bur although the construction o the present
railway, by the Immense impulse it will give to the
property o the State will accelerate that conclusion,
1t will take many years puuciuaty to warrant as far
as her Government is ncerned, any revival OF former
confidence.
In Touching upon American Railroad Bonds of any
description 1t lie essential 10 add general .udon. Like
tbose now referred to, there are many descriptions
which perfectly legitimate objects of investment the
81 any speculation thai may be involved in them
being fairly stated at the outset AT the time IL Is
unquestioDabe that active attempts have been carried
for months to introduce upon the London and Pro-
vincla markets large mass of these securities which
are likely TO prove In great degree worthless, and
which would fad no cOunteDance in New York, except
among the most notorious speeuators By these parties
they taken at rates of discount which show that Ike
doubtful bills, they calculated at an average-some
may be paid and some dshonored may oe got rid
of In England some may be sold at home during ten
porary rtse, and others may be advsntageousJ CON-
pomised in the ultimate litigation that awaits them 1t
is therefore, easy TO understand that for the habual
gamblers that abound In every commercial city they
beve powerful attractions That they should find our
chusers however among foreigners seeking quiet in
veitmen is almost incredible. The only explanation
lies In tire Influences that npOyed 10 effect the OBJ
ect masters for instance temoted 10 receive
them In pay ment for orders, which they realize enor
nous prOhs and once Introduced 1t follows that every
plan is put in notion by Of large per centages 10
brokers and others u insure their diffusion among the
public who at last by the force OF recommendations
which ipcrt IN confidence in proportion the ture
of the original negotiation is lost sight Of become the
purchasers at par Of things which probably fetched at
starting not an 30 or 90 per cent of the amount
they purport to represent
Toe system of towns and counties pleieng their
credit for payment of these bonds is merely revi
val OF the method which, in 1891 pursued by the
various States and it will inevitably have similar ter
minaiiOn Those who may suffer, however, must bi4pe
themselves alone. IL they would consult any leading
American houses they would hear the opinion enter
tanned Of these documents among the re.DrcoaSle por
ton otthe commercial community In the United states
ard If they have neither opportunity inclination 10
make such inquiry they not TO charge the result
upon the merchants Of that country any more Than the
people Of NewYork could reproach If they 70
accept copsgaments Of gold mining shares In payment
for cotton from the least reputable n London AL
yerurers fcsptali'is wish participate in American
enterprise the only rational method is 10 become joint
shareholders in undertakings that have definite due
In the American markets If any boss arise they
then nj all events feel satisfied that has not been all
ONT side But to take bonds Of which they practically
know nothing from companies Of which the sharehod-
ere instead of being in the same boat, m-y deem
profitable at any time 20 treat them adverseres is
proceeoing calculated tn invite dsster and to nure
instesd of promoting healthy cooperation between the
two nations that it will be impossible when the time
shall arrive to feel regret in witnessing Its penalty
uHfkets... CAREFULLY REPORTED FOR THE TRIBUNE
MONDAY, June g. 1852
ASIES-The market is steady. with a good demand;
sales Of 10 bhls, at 81 81 FOR Pots and s. 80 .r Pearls
COTTON is lower 1850 bales sold to-day decline OF
cent
FLOUR AND MEAL There is increased heavin.ss ia
orr market for Western Flour aud lots fresh ground
seey oered at easier prices State is mt plenty and prices
ae supported or e'h ground this being in request Tor
port and preferred 70 Nesttu TIE inferior aud better
erad's are plenty end very dull former o:es Cana
dan Is plenty and is heavy sales Of la0 bills SlQ
o6l in good brands The sales Of Domestic
are 9tpV hbs Al - 1878 81 for Wisconsin, s. at0 81 for
common % stratht State, trssh ground St1S q for
mixed TO fancy Michigan and indiana AMI S4G&f ~ for
com non 70 COED Ohio aud hyorre STATE The adyoes by
NE Atlantic have lncUced bitter shipping inquiry South
ein tlcu" Is heavy tine cen ard Is hunted sales OF 20 b5s
e. - SlGs4 56i tor mixed 10 good stIag brands agd
81 f50 IS 37t for Rye Eiour