The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-02-16

when these notes are all PAID. the .mOu.. invested In
purchaser. Thus; suppose . farmer buy two hundred
acres ut 0l, payable as above, IN equal instalments
, two i Essr1 si ne pay .,. as i sns mote Sas $50 to the tIas'
ney. This takes place every year until the last note has
been paid. The trustees then hold s., eco Of boads, aud
the farmer, holds their receipt for the money. They
then cancel the bonds, and give the farmer a deed
in full. During the whole Of that i've years he
has been cultlvating hrs land, and supplies the
railroad with business, improving the security every
year. When the company have sold the lAals on
these terms, they have aided In settling the state
business. and imprcy we'd the security OF the bondholders
in relation TO the interest bonds. your correspondent
repeats that they were given "trrevocably" TO ,the In
terest fund. Tho meaning OF this phrase Is not clear.
The company cannot apply tho Lands to the interest, and
ard the proceeds Of sales (s2i2, a7s 23) was, with the
earnings OF the road and assessnenta on tho capital, APP
piled 10 the October coupons, leaving a balance OF
April coupons ID il dihcult 10 understand why your
correspondent should complain that the payment OF in,
terest FROM proceeds OF Interest lands should involve
parting with the lands. In the case Of mortgage lands,
sales are made, but the lands ars NOT parted with, nor
the bonds cancelled, until tho trsnsac,ion in closed The
company own the lands, and owe the bonds. until the
forms OF the trust are complied with, when the trustees
give the deed, cancel the bonds, and return them 70 the
company. Now, your correspondent affects 10 think
that this transaction Ia a gross breach OF faith - lie
thinks that although the trustee, are solemnly ms.s the
be sold by the company. and "tha money placed In tome
safe institution" In this his views differ entirely from
those OF A ~BD,sDHoLDEg.
The first products from the New Jersey Frank
Unite fnInsce, consisting OF pig iron aud oxyde Of
zinc, have just been received by The company y, aud
forwarded to Metsrs. Thompson, Lspham & Co.,
and Cyrus Alger q Co, OF Boston. The fracture OF
the pig shows a mos: beautiful capitalization, as
bright AZ silver. The oxyde OF ENC is OF q cana-y
or yellow sha 2e, and will answer for walls, outside
work, and as the basis OF all colored paints. We
learn that the company have il In contemplation 70
erect two additional furnaces, capable OF making
5000 to 5000 tons OF iron, and 1000 TO 1000 tons
Of zinc oxyde per annum. The steam engines for
the contemplated furnaces are nearly finished, aud
the additional works will bs proceeded with with
the least possible delay. We understand the Frank.
Unite iron Is of a quality to take the place Of the
celebrated Dannsmora iron, Of Sweden. which is
greatly priced, and commands the very highest
price, on account Of its great ~tsnaclty aud tough.
ness.
The interest on the seven per cent Civil Fund.
Bonds Of California, due on the LIST Of March, 1855,
will be paid on and after thai date at tho Office of
John Cook, Jr, No. 81 Broadway. The State Trea.
turer, In n letter TO Mr.. Cook, Gays;-
The many forgeries and tho ease az f.brica,,ns an imI.
taton OF the bonds, they being simply a lthoyraph aud
very badly done, was one reason, and then tn conflict.
ing meaning Of the laws referring TO their redemption,
'Ne NhAt "a " htftNt punIlAhut WIN W utY. At
frat TO believe he could not redeem them At any other
place than at his own office. He Afterwards altered
his mind and concluded 10 pay the interest in this city.
The Chairman Of Public Works In Virgins, DR..
Graham, has Concluded to pay oil the coupons ou..
standing, due aad unpaid, instead Of making the
distinction referred TO . few days since.
According to a statement compiled from returns
made TO the New jersey State Treasurer's office
the liabilities and resources Of tn, special and free
banks Of that State were as foilows:-
BANKS OF NEw JEesKr, 1855.
Ldbiitiei. R,sources.
specal banks... ......... ..... ~, Sp9, gi6 $40, 40, Gss
fiee banks....""......... ~2,Tii,092 2,671,433
Total. ........... ...... .si2, GA ,oos si3,a5i,i2i
Excess OF Resources over Liabilities. Ssl3,ll3,
Notwithstanding the serious DISTRACTIONS to the
business Of the Milwaukee ami Missiallppi Railroad,
by reason Of the heavy snoH storms, commencing
she 2ist ult. and continuing through the month, tho
returns for January show a very handsome Increase
over last year. The figures thus compare
Passengers and freight, January, 1885. ..... S3l ,il2 os
Per centsge from Natertown Road ....,... 1857 IS
.b32,Ib1 ~
cams month last %, go -
Cain for 1856. 1884 20
The prospect Is fair for q heavy basInssa a.
through this and the ensuing months, there being 4
large surplus Of grain still to come for ward.