New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1855-05-24

~ D.
n the memorial that al The points referred 10 there
i cot business enough to pay 10 Y cent Of the cost
az s.ationipg a tick r. agent were entirely inva Aid.
The Cornpany might employ tickle. agent to precede
NE conductor ar is done between the City Hal ami
Thrty4econd-st. He next spoke Of the wan, oil a.
.. detion, and said il daily occurrence .
rom fifteen 20 twenty persons standing ~ IN
cue earl rains for want Of seats. - y =. JDclu-
doo MARKED that he appesrei ~ ycr'ie. above
.y-si1th-st who desired be- -. to Of getting
'e or from the City.
Fr- Alderman Mot appeared behalf o. the fsnon-
ap,s and strepuonsly opposed the memorial present.
ed some weeks arc 10 the Common Council, CONTEND
inc that the document should be treated a. emanatng
from Nicholas Dean and not from the Company. He
.y0ued at considerable length that the Company had
failed 10 comply in any respect with their charter and
Ind not heoded the ordinances made by the Common
Council.
Edward n. Dckerson next addressed the Commit
Tee and protested against the repeal Of the ordinance
passed Dec o. 1884, prohibiting tho use Of steam be-
low Fortysecond-st. eighteen months from that date.
He alluded TO the many accidents that were occurring
every week from the passage Of the locomotives
through the streets and contendcd that II was con-
Giant nuisance He did not consider the argument Of
the Company Valid that they would lcse time by using
horses instead Of steam through the tunnel inasnuch
as il now took them six minutes TO pass through
They were prohibited from running over five miles an
hour in any case. The speaker decidedly opposed
10 the repeal of the ordinance and hoped tho present
Board would not interfere with the law il now
stood.
The Committee then adjourned.
The Asia from Boston took $685. 81 in specie Of
which $500, 900 went from this City.
The receipts Of the Milwaukee and Mississippi Rail
road for Apr On
April 1851 ip'vV W
Increase 30 . +l47oo 90
The earnings Of the four months ending 30th
April amount lS@la ~
increase ~ q $500 70
The Coupon Stock Certificates of the Erie Railroad
Company which described some days ago are now
ready for issue, and the Company is prepared to
change them for the common registered certificates
with any stakeholder who may prefer them
The new First Mortgage Sinking Fund Bonds Of the
Michigan Southern and Northern Indiana Company
are in the bands of the engraver and nearly com
pleted and will probably be ready early in June. ANY
of the bonds Of the Company can be exchanged for
these bonds to which there is attached a sinking fund
of1I y cent y annum, a fund already enriched by
transfer of assets Of various kinds 10 the value of about
million Of dollars. Under this arrangement all the
bonds of the Company will come under first mort
gage and be Of equal security and value.
The President Of the Board of Public Works of Viz.
ginia was in town last week and completed negoha-
lions for all the funds needed for time TO come
by that State for is railroad Improvements. 1t is
stated that the State is now paying promptly to tie
Treasury her warrants issued to the various internal
improvement companies within her limits whose
works in progress-thus insuring the early
development of her enterprises
The bids for the 81 600 900 Second Mortgage Bonds
Of the Virginia and Tennessee Railroad Bonds will be
opened at the office Of A. H. Muller, No. 80 Wall-st
tomorrow Thursday at o'clock. The President of
the Company can be seen at Mr. Mullers office.
These bonds bear T. cent interest, and one-half
convertible into stock. They are issued for the pur
pose of finishing and equipping the road. The first
mortgage is for 81 100000, Of which $1,000 600
taken by the State of Virginia the following torms
cent interest and the principal TO be 6quidated by
payments annually of q cent. for "a years, COM
mencing on the LIST of July 1853. The remaining
SOC 600 were sold at par The capital of the Company
s 81 600 OOO threefhs Of which is held by the State
of Virginia. and the whole amount paid in is 50 ,975,
100. sinking fund Of q cent annually has been
provided for the reimbursement of the debt of this
Company. The managers say:
The length of the road from the Lynchburg TO the
Tennessee line is 2O4 miles, of which l35 entirely
finished and in operation. The remaining sixty-nine
miles require only 1885, to complete Them and ten
months labor is only necessary TO put the entire road
into full operation. There has been expended on the
road about $4,000, 900 in construction, rolling stock
and expenses-a sum double the amount of both mort
cages, which together do not exceed $4,000 per mile
Of road. The road forms link in the chain of roads
which are to become probably tile most important
route in the Union, giving an almost straight line from
the Northt IN and Eastern cities TO those on the Gulf
of Mexico and the Mississippi shortening the distance
more than two hundred miles; and there is but one
more link To be finished TO afford acOninuous railroad
TRANSPORTATION from the city of Washington 10 Mont
geometry Alabama. But Independent of the travel that
will come 10 il part of the great South and North
Line the Virginia and Tennessee Railroad has certain
local business of its which Is clearly asceralned
by the earnings of last year. with only eighty five miles
open $ls3929 10Y being sufficient of itself 10 sup
port the road. IL passes almost its whole length
through region Astounding with a variety of minerals
of the most valuable nature, such as lead, coal iron,
copper, salt and GYPSUM all OF which exist IN great
abundance which have been hitherto neglected, but
which fast being developed now that they can be
conveyed 10 market In short, the prospects of the
road most aiteiug. and iostered has been by
the State, and supported generally by the people of
Virginia, with so large cash capital actually paid in,
IL il believed no security has been recently offered of
better character. The Company have agreed to set
apart per cent annually on the amount of their
bonds from the earnings OF the road a. a Sinking
Fund, TO meet the payment OF them az maturity; and
the Stockholders have adopted line of policy
10 declare dividend excepting from cash surplus
after the interest and Sinking Fund have been provided
for.
The books of subscription to the New-York County
Bank open to morrow at the corner Of Eighthav. and
Fourteonth-st The Board of Directors is follows:
Charles A. Macy, President; A. c. Kingsland, Paul
Spohord, Benjamin +. Whcelwright, Edward Ii aight
Tunis an Brunt Ely Hoppock James Barnes Luke