The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-03-01

Total. s3,4so,1is 90
from which, dedu,tng the total indedsedness,
81 800 426 so, leaves surplus OF sl,675es2 90, or
$9s5 so2 90 after expsning the amount estimated
sufficient to complete the construction of the work.
Our object in preparing the above has to furnish
TO cur readers plain and reliable statement of the
acts under whi,h the company was organized, and of
its organization From this statement IL appears to
]. That the company has legally organized
That they have acquired valid title TO their
g. That they have proceeded legally in the adshinis.
taton Of their affair in the disposition and manage
ment Of their property and in the creation dispo
sioD Of the stock and mortgage bonds OF the company
ty company incident thereto have been properly
and legally conveyed in trust for the benefit Of the
bonohoder, Who upon breach Of the condition of the
now enjoyed and exercised by the compsny.
s. The company were authorized to raise money for
construction either by sale OF bonds stocks boh
sale Of lands pursuant to the provisions Of the
trust deed
g. Subscribers to the stock we consider are liable TO
any ella ms that may arise against the company 1t
optional with the company to issue stock equal to the
Teen made upon which assessments have been call
ed in is additional security to the bondhoders.
Although the company cannot dispose OF the 900 600
without receiving therefor the prices named the
schedules, they may make contracts for sale-the title
10 be passed only on payment
moneys received by the company have been properly a
Piled to construction.
Il will be seen that all the lands Of the company over
pleasure of the company for the objects specified The
acres unless they be sold at the rate spec
yield C0,00o must be held by the company for
period Of ton years at which time they are directed by
law to oe Offer ed annually at public sale.
1t not object in the outset to discuss the pro-
babe Of the road II has been constructed In
unparalleled short period Of time Its earnings 80
soon to become matter Of record that opinon given
at the present time would be almost superfuous. We
would state however, that considering the haste with
which the road has been constructed and its immense
extent and the sparseness Of the pu]aon upon
siderable portion Of it's line the company and the public
may probably be disappointed with the result Of the first
years operation Of the road which nethM upon this,
Gent Criterion Of what its future eappnSs are to b.
The present cost Of the rosd cannot be considered
extravaeaDt 1t has been constructed in view Of i'm
upon all the termni and upon the line OF the road.
The following statement sho vs. the number Of miles
opened LIST January, 1884,
Chicago Branch, 50 miles, from lst jan to ODD May,
1854
Do, 1903 miles, from 22d May to Gath July, 1854.
Do, l2a miles, oath July 1854 to LIST Jan, 1856.
90 miles from 18th june to Isth Sept, 1854
Do 10 miles, from 18th Sept. {, 4th Dec, 1864.
Do 1876 miles, from 4th Dec. 1854, to 1st JAM, 1855.
Freeport West, 80 miles, from LIST Nov. 1884, to LIST
JAM, 1855.
sandoval South lis miles, from 22d Nov, 1854 to LIST
Jan, 1855.
being average Of about 22l miles for the entire
year. The receipts, from all sources, for the year.
amounted to-
From pas, engers -
Total. .s476, 1927 81
equal to 81 lbe per mile Of road in operation The
divisions Of the road while the work Of construction
upon each in progress and before the company
in position to work the road or even to accommodate
the local business. The Chicago branch has not yet
been connected with the main trunk the latter
opened through its entire length from Cairo to La Sale
till after the close of the year.