The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-11-17

Increase. ............. s30227i Dec. $24l, 495
The railroads have been allowed carry freight only
within tho past four years and the result this last
year been that the road rcght and canal tolls have
been together 30l AL against So 2T4 552 being
tual in business without taking into account
the northern route the Erie Railroad, but merely the
competing lines with the canal. Notwithstanding the
aggregate increase in business the canal tolls declined
IL per cent and that decline with the whole aggregate
has swollen the railroad Heights ibis affords
marked illustration Of the progress 81 Ealrads In re-
pect to frcghs From every quarter we have the same
evidence notwithstanding the great increase Ia British
shipping engaged in the foreign trade the coastng ton
mage declines and the London Times frankly ascbes the
decrease to railroad competition The great canals Of
Ohio decline rapidly in revenues and the Auditor says 1t
is because railroads divert the business and advises
legislative action against them in order to the
state interest in its public works. mighter change
than this is about to take place in the trade Of the
Mississippi, the great Gather of Waters.n The IL
iinois Central Railroad, running from Galena south,
connects that city with st. Louis and Cairo,
whence it is in process of prolongation to the
Gulf OF Mexico reducing the distance from st.
Louis 400 miles. The portion between Galena and
Cairo will be in operation in January next, when the
steam tonnage employed between those points
via St Louis will be suppanted by rails. The noble
river steamers freighting eight days between
st. Louis and Galena. The railroad connections are
made in twenty -four hours and ST. Louis and Cairo
already Independent OF the river Of the Central
road
The present connection between St. Louis and Chicago
is via Alton, the Chicago and Mississippi rail- 13l
miles to Bloomington thence by section of the Illinois
Central railroad, co miles to the junction with the
Chicago and Rock Island Railroad With the completion
of the Central road January 1855, this connection
w md dirpct bet Iouis and
Chicago The importance Of that route is manifest in
the fact that the Southern Michigan Railroad recently
contracted TO carry - 600 bb -four from St Louis TO
New York. at 81 70 per Dbl freight and at 81 20 from
Chicago to New York. With the completion OF the H.
nos Central connection with the Western roads these
rates will be modified The fact is that the whole North
and South business which depends upon the
certain flow Of the Mississippi and Illinois rivers, will
settle upon and increase through this magnificent road
which connects by the shortest route the four cities
Galena on the river the North Chicago the lake.
and St Louis and Cairo at the South While the road
must command all that business, its expenses very
small There will be really interest to pay from its
earnings. Thus two millions of Of land on the
market at $22 900 900 value to pay all the bonds 1t is
reasonable to suppose their bonds win all be redeemed
rom that fund in years, principal and interest. II
they all draw interest five years, the remaining 500 600
viii pay the whole Of that five years interest,"
equently all the earnings Of the road 90 to stock
dividends.
BY the arrival of tho steamship Asia at this port from
Liverpool have three days later intelligence from
all parts OF Europe. The advices, in financial and
commercial point of vew rather favorable Cotton,
and consols had slightly improved Bullion in the
Ranl Of England had increased and it was anticipated
that reduction in the rate of interest would take
place The markets for staple exports active and
in healthy condition. The manufacturing districts
were much depressed. The Improvement in financial
affairs may give greater activity to trade, but the
prospect Of revival at present was quite gloomy The
affairs OF Mr. Oliver, the extensive ship owner, inn
proving Arrangements had been made to dispose Of
his property, upon such terms would largely reduce
his liabilities There in Liverpool Of two
or three small failures but the involved was
traing. There demand for American securities,
and pressing for sale The annexed statement
hibs the returns of the leading departments OF the
Bank OF England for the past three weeks
BANK or ENGLAND.