The National tribune., 1882-12-07
lis Industrial, Commercial, Railroad,
and Agricultural Development.
FINANCE AND I RA D Z.
Latest Reports from Leading
business Centres.

II Is a Ncw York organization, IS called the
Postal TeIcurapI Company. and intends pri-
T,larilv TO build a line from New York to Chi
cago, taking in Philadelphia, and alterward to
extend its system all over the country. Itwas
organized in New York June 21, 1881, and, it is
said. already has about zoo miles of poles
erected. on which wires are being strung as
rapidly as possible. II is expected to have the
line completed as far as Cleveland by the first
OF January. This company announces that 1t
VIII work on new principles, one OF which VIII
he q wire compounded Of a steel core, heavily
electro plated with copper, thus securing con-
ductivity seven times as great as can be had by
an iron wire Of the same thickness and securing
also freedom from rust, with great tensile
strength. Another improvement will be the
use of the Leggs automatic and Gray harmonic
system of telegraphing, which secure the same
results as the duplex and quadruplex systems
now in use. but to greater degree. 1t Is
claimed that by using these appliances two Of
the Postal Conpanys wires will have a,greater
capacitv than sixty iron wires operated by the
Morse system, and also that messages can be
sent direct from New York TO San Francisco or
can be repeated automatically, as may be found
desirable. Thenew system is called the Postal
TeIcgrarh. !" because among the objects proposed
is 8 plan by which long messages, letters etc,
NAV be sent over the wires and delivered
through the post Office, the rates being put so
low as to make this practicable It's officers say
they intend 10 bury the wires in passing
through every, city they touch, and laugh at
the idea that they viii ';have any trouble in
working them.
4 London dispatch of the 4th instant says:
The English syndicate, which was represented
in the United States recently by Sir Philip II.
Clark. today completed the purchase of 1900
acres of land from the Florida Land Company
and the Okeechobee Drainage Company. This
is in addition to the purchase of $4,000 acres
made by Sir Philip last month. The lands are
situated in Polk and Orange counties Florida
and the price paid is $50 per acre. Other
capitalists in England have offered to buy
10000 shares of the Olleechobee Drainage Com
pany's stock, and prominent banking house
here has written to the United States for the
best terms for from 100000 to 100000 acres of
land belonging to the companies headed by Mr..
Disston, Mr.. Huey, and other Philadelphians.
Sir Philip Clark, accompanied by A. B. Linder-
man. who has represented Florida enterprises
in London since 1880, returned from the United
States last week.
The annual meeting of the stockholders of
the New York, Lake Erie and Western Rail
road Company was held in New York city on
Tuesday President Hugh !. Jewett's annual
report showed the gross earnings for the year
ended Sept. Both, 1882, to have been $l9,975773
and the net ea71ings Sc, ,S57, $50. Receipts from
other sources bring the total net income of
the company u TO $7,227,Oi0. The working
expenses were G5A per cent. Of the earnings.
The bonds outstanding which mature March l,
15s3. arc 5,.552, 100, and bear per cent. inter
est. They WI re extended for forty years at
q Der cent. watca viii result in an annual
saving Of $l2I,3j0. The old board authorized
the payIacut oG the interest on the income
bonds and q dividend Of per cent. on the
preferred stock IJr the year 1882.
The New York, Pittsburg and Chicago
Railroad Company is about to begin work upon
a road which viii virtually give a new trunk
line between the East and West. A line is
completed from Pittsburg, Pa, to Marion,
OHIO, distance of III miles connecting at
Marion with the Chicago and Atlantic Rail
road, now almost completed and under the full
control of the Erie Railroad. The company
also contemplates a direct line to Drift
wood. Pa. and Salamanca, \. Y, thereby Sc
curing short-line connection with Philadel-
hia and New York. The company has pur-
chased large amount Of steel rails, and has
800 men en- route TO complete the road between
Waupun, Pa and New Lisbon Ohio.
A. the beginnin" Of November the reduction
Of the public debt for the twelve months i'm
1nediately preceding that date had been more
than $l57. 100000, or an average Of more than
$l3O000O0 a month For the four months i'm
mediately preceding that date the reduction
had been more than $30G00O0O, or an average
of&l5,OO0O0O a month. The public debt state
lneut, issued December Ist, shows that the re-
duction last month only little more than
s. SOC OG0 and the average monthly reduction
during the remainder Of the fiscal year will
probably not exceed $s,000,000.
Two Cincinnati tobacco factories have stopped
operations, and others viii follow their exam
pie Some Of them may run 10 the extent OF
one-third or onc-fourth Of their capacity, but
there IS general understanding that the pro-
duction of manufactured tobacco is to be
duced to the minimum. The reason for this
course is that fears are entertained that the tax
will be taken of Of tobacco, and manufacturers
do not dare to carry heavy stocks.
Three Of the departments Of the Joliet CIll.)
Steel Company shut down the Ist. The
Converter SteeI-Rail Mill and the Merchant
Iron Mills great blast furnaces are still going.
About zoo men are thrown out of employment.
Notices are posted up that the departments
named would be closed until the first Of the
wear. No doubt the mills viii resume work
then, provided a satisfactory adjustment of
WAGES can be made with the men.
The number Of hogs slaughtered and salted
by Chicago packers since November is $4,000,
against 1900, 600 for the corresponding period
year ago. The receipts AZ the Chicago live
stock yards for November were 167, 593 cattle,
733, ,733 hogs G5,570 sheep, and 2,l00 horses
As compared with the same month Of last year,
there l. an increase Of 29,93I cattle and de-
crease Of l25 461 hogs
The National Dairy Fair at Milwaukee was
opened Tuesday. Ex-Gov. Wn. Z. Smith, of
Wisconsin, and others delivered addresses,
which wsre responded to. by Austin BelKnap,
Of . t1a. The arrangements are completed
IN eE.r- detail, and the exhibits of butter and
chces- VIII be the finest ever seen there The
cash prizes aggregate 5000 and there are two
gold medals and diplomas for dairy products.
The ST. Louis Republican, from considerable