The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1853-02-17

$500 900 at 90 10h average netting $3.50 1862 SO
The sale was under the direction of Messrs. Gil
bert, Coe & Johnson and, considering the large
amount Of bonds offered, the result as favorable
as any one previously made this season.
The Brunswick and Florida Railroad Company
have received bills Of lading of the first shipment Of
iron rails from England and which are expected to
arrive at Brunswick by the first Of March, The
track is ready to receive them. The grading of this
road is rapidly progressing.
We published letter few days since, relative to
the Illinois Central Railroad Company. That letter
contained certain reflections upon the parties COM
posing the company, which have been noticed by an
individual, who takes a very sensible view of the
question: and presents all the points at issue in fair
and proper Light
New York, Feb. 16, 1883
Mr. EDrToR:-In your valuable paper Of the 18th, re-
marked a complaint from Of my brother creditors of
the State of Illinois, complaining that the State in max
to the Illinois Central Railroad for the construction OF
that great work. did not provide that the company should
pay the old debts well build the road. However
agreeable might be to to be paid Icannot but think
that the complaint is little unreasonable In the first
place. the lands donated by the federal government had
been under proclamation on an average OF fifteen
and purchasers could be found chiefly because OF their
remoteness from MARKET secondly donated those aaas
the purpose of building railroad not for the purpose OF
paying the State debts and 1t had such Intention
If the State could get railroad built for those lands
they would be brought under culture subject to taxa
ton and thus made available the discharge Of the inn
provement bonds and this is the only feasible mode in
which the lands could be applied to the exgences OF the
State The of the canal lands is not in point for the
that those lands the absolute property of the
State and the canal itself in considerable state Of pro-
gress much to be of itself more valuable than
made their offer, and the advances they made upon
the canal lands less to complete the canal than on
the express condition that the State should acknowledge
its debt practically BY evying tax however small TO-
wards paying principal and interest. The improvement
bondholders although they reaped the benefit Of that
condition. of themselves made any efforts towards
helping the State to complete the railroads They should
in opinion therefore, be the last to complain
when company Of gentlemen undertake with lands fur
nished by the federal government to build railroad
which will be the of adding 900 acres to the
tax lists Of the State for the benefit the bondhoders
The operation Of the road will make the whole 10
acres including the railroad lands available for settle
ment The railroad itself will according to the estimate
State 81, $4,000 in the year, ending with 1904
pretty round sum towards the improvement debt-and
to its creditors directly If the Illinois Central Railroad
is the " most gigantic speculation OF modern times
will profit largely by it than because it is the main
of the State and remarkable instance Of adrot
use of the great natural resources Of the couDtry
The report of the Pittsburg Copper Company
gives the annexed exhibit Of earnings and expendi
lures during the past year,
PnTsBURG COPPER COMPANY
Estimated value of mineral, marketed and
Current expenditures 1899 81
slss, oS7 At
From which deduct cost Of smelling $50 TONS
increased indebtness at the mine during
the year, supplies, &c, hand the pre-.
vous year, used in 1882 %, les 81
Net earnings OF Ioo2.... $ios, osz ~
A semiannual dividend of 81 so per share has
just been declared, and is now payable.
The mine, at no period since its opening, has pre-
sented uniformly favorable an appearance, both in
regard to its permanency and future productveness
During the year ending December LIST last 6,344 2l0
pounds Of mineral were raised from the mine, Of
which 4,76l 900 pounds was what is denominated
"stamp work. s77,7s9 pounds Of masses, and
705, 42l pounds Of barrel ore-making an aggregate
when reduced to proper condition for shipment to
market Of 1851 779 lbs $50 1779 1000 tons-being
an increase Of 296, 954 lbs l4s 9542OOO tons on
the production of the previous year.
The Indiana State Sentinel gives the following APP
plications for banks, which have been filed with
the Secretary of State since its previous issue:-