The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-05-24

At meeting of the stockholders OF the Pennsylvania
Central Railroad Company, held yesterday, the board Of
directors submitted report relative to the purchase Of
the main line stating that So COO would be required
for the and repairs of the road and canal they
estimate the total value at only 600 ooo The report
takes ground against the purchase at the rate of &c.
coo Geo. specified the minimum price in the act Of the
Legislature.
At the last session Of the Maryland Legislature
passed granting the right Of way for canal from
Chesapeake Bay 70 the Potomac river in the vicinity
the District Of Columbia. This canal, when completed
viii open short ...- comrnun.sa.on between WASH
ington, Baltimore, Philadelphia and New York. and a
continuous line of canal communication from the coal
mines Of Cumberland, Nd, to the above namei cities
Fer some months past the reported sales of stock at
auction have shown rapid depreciation in the market
value of the bonds of the Lyons owa) Central Railroad
Company The last sale made yesterday at prices
ranging from 12ls TO 1915 per cent for per cent
first mortgage bonds. This may be considered cheap,
but they may be dear any price, For the purpose
posting up those who may DO disposed purchase nj
such an enormous depreciation the following
information regarding the road from Chicago Jour.
nall
An election Of directors for the LYONS Noya) Central
Railroad was held Mt Lyons the 18th February and
resulted rs follows:Thomas T. Davis, Syracuse ~ Y,
PRESIDENT Thomas A. Walker, Fort Des Molnes, Iowa;
James H. Cover, Iowa City, Iowa. John Gubertson Tip
ton Iowa VIM. G. Haun Derrick Adams, Lyons, Iowa;
IL r. Adams, David Mccartney, Abel Chandler, New
York; $. NJ. Allen, Boston Hiram a. Tucker, Thomas
Dyer Paul B. Ring, Chicago Samuel McCoy Secretary
We learn from those In Chicago who are Interested In
a,;a aua' ,ar Is aa,og GOO progress toward com
pleted fifty miles west Of the Mississippi liver The Ga.
lena Air Line is 10 he finished TO Fulton City the Hrst OF
August next making tie second point at which Chicago
railroads VIII tap the Mississippi Our readers already
know that tie Lyons owa) Central IL extension Of
the Gaena Air Line SO that by the rst Of October We
m fcnt forx Tt,,,
hty miles toward the centre of the magnificent State
Of Iowa.
The Bo,tcn Tfcrscript OF the 22d instant says
The steel market opened unusually frm .hs morning,
or Monday, ana the limited sales are partly in conse
qnenoe Of scarcity Of stock In the different securities
" Central olened At s& and quickly advanced to So
closing finn at that figure bid ogdensburg advanced
s%, with snes Of ony I5o shares Vermont and Mass i'm
proved without sales, 15ss being offered an no stock
Tor sale Wilmington was in demand at 374 bid, Grand
junction 40 bid 80 asked Several OF the dividend rail
roads we're in active request advance For Boston
AMI Lowell 20 was bid-an advance of per cent for
week-without producing The stock Worcester par bid
and no shares oered litchburg sold for Sg but SsS
was bid at the close Western e6Js bid, aud no cash
stock offered land stocks are arm WITH sales 10 Fast
Boston shares only. Wayery ga bid cash for any part
OF 500 shares. Atlantic Wharf Co.. ga BID, Edgeworth
bid, "a asked. Rutland I'd mortgaSc bonds sold at 49,
which is the lowest pcint yci touched
most important law farts agents for foreign insu-
rance companies arc concerned goes into effect in Massa
clusets on the gelh inst No person safely act as
agent for any company chartered by any other
State after this law takes effect unless ho previously
complies with tho conditions thereof No doubt this
law will good effect, at least II win drive from
Massachusetts several weak AMI rckety concerns from
the interior Of New York, ADD from other states
which have been fraudulenty doing business IN that
Commonwealth The table Of returns required to be made
under the law viii show whether or not tho Offices
making them are or not solvent No mutual nsu-
company chartered By any other State is allowed 10
establish agencies In Massachusetts
The ANNEXED statement exhibits The circulation Of tho
banks q New Orleans at the close Of tho rst and second
week in Mny.--