The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-09-01


Total, 1885,. SEA 7ol5so 10
Albert H. Nicolay's regular semi-weekly auction
sale Of stocks and bonds win take place on Monday
next, the lst September, at halfpast IL O'clock at
the Merchants Exchange. The list viii comprise
about $50 900 first class railroad bonds, in addition
to other desirable stocks and bonds for investment.
The charter of the Illinois Central Railroad Com
pany exempts IL from taxation on the payment Of a
certain proportion Of its gross earnings to the State
Doubts have been expressed whether this privilege
Ia constitutional and likewise whether ID extends TO
protect the company from county and town as well
as from State taxes. Some counties have attempted
collect them. At the last term Of the Supreme
Cout In Ottawa, the case Of Mclean county against
this railroad company was decided and puts all
these questions at rest The Court held that the
Legislature had power under the constitution to
ccpt proportion Of its income in lieu OF all other
taxes and that the company were liable for none
other either for county State, or any other pur
pose. This decision relieves the company from all
ocal taxation, but requires from IL q pretty large
proportion Of Its earnings. The sum paid the
present year Is s2o.529. when the Branch shall lie
finished, and after the road shall be in full opera
ton, should its income amount to two and a half
millions, as its friends expect, the income Of the
State from IL win be $4,000.
The chiriqui Improvement Company few days
since, issued proposals for the sale Of coal at the
port Of Bocos de Toro, to steamship companies
having vessels navigating the Caribbean Sea. The
coal particularly adapted to steam purposes, and
the demand is likely TO be far in excess Of the pre-
sent capacity of the company to make deliveries
The annexed statement of the property and pros
poets Of the company has been prepared by the
Board Of Directors
oumorI IMPROVEMENT COMPANY.
The property Of this company consists OF about one
million and quarter Of acres Of land extending from tho
harbor Of Bocas del Toro, the Caribbean the
Pacific Ocean, secured BY grants from the republic Of
The grantees and their associates were incorporated By
charter from the legislature Of Pennsylvania for the
purpose Of enabling them to work the coal and other
mines on their lands; 10 dispose OF said lands construct
roads, leasing lands and mines establishing steamship
No power reserved 10 amend the charter without the
ON the land sd TO the ChIriqui Lagoon equi dis
an from San Juan and Apnwall coal found nearly
has been used for that length OF time in working iron
Several examinations had been msdc by Of prso-
teal experience, the result Of which the invara.
bic conviction that the coal formation was inexhaus
tble.
An these coal lands and others when n was supposed
that coal might be found, secured by the company
practical geologst recommended 70 them by Profess
sors silliman and Ilitchcock) mining engineer and
the necessary number Of ahorers were then sent ont ~
make explorations and commence the work of opening
the mines at the most accessible points for steam
vessels.
The result Of the explorations was tho nnding Of reg
lar coal beds or strata, OF the very best quality on
nProper Island "Spiitt HILL" "valente point - and on
the 'Chsngarola river.
The island contains about three thousand acres OF land
and the stratum Of coal running through Ia from ve 10
six feet In depth,
The stratum al Split HIN 10 Of the same thickne g. TIA,
at yacnte Point rather thicker and the one on On FARO
Ia river about seven feet IN thickness.
The proof s positive
lst That the mises inexhaustible.
al. That the qualify Of the coal Is unsurpass a. The