".-E3
deposits of iron is that of 600 tons per acre, which
for 800 square miles of land along the railroad,
adapted for furnaces, would give a capacity of
production of two hundred and fifty six millions
of tons of iron.

From the details given it is inferred that the
resources of the country on the railroad line are
inexhaustible, and the construction of the rail-
road will lead. to a development of those resources
and aflbrd much transportation and give rise to
much business.

Many matters of minor importance have been
passed by in the consideration of the principal re-
sources of the country.

W hito sandstone for ‘glass, fire clay for fire
bricks, stones adapted for whetstones and grind»
stones are widely diflhsed along the route. The
products of the forest such as lumber, bark, coo-
perage stufl”. &.c., are also important and wil1
swell the freight seeking a market through this
‘road.

From these facts, disclosed by the survey of so
sl~:ilt'u1l a geologist as Professor Mather, there ap-
pears no room for doubt. that the resources of the
country, intersected by the route of the Lexing-
ton and Big Sandy railroad, are of the most ample
and valuable clnwactcr; that the value of that
section, as it l.)'Li'50l'llf.‘~S known, will appreciate
largely, and that the avenue of communication
afl'orded by the proposed road will be occupied to
its full capacity by the business, of which the ele-
ments already existing need only to be developed
by its construction.

Emllanu Ceuti-a.1 Railroad.

We had the ploas1n'c a few days since, of passing
o\'u1' the Indiana Central Railroad, then only rc-
ccntly opened. There are few routes in the West
better c:ilc1il:il.t-cl to impress the traveller favor-
ably than the one occupied by this work. Follow-
ing innn<>diatcly upon the line of the -mduuml road,
it t1'zu'er:+es the L’u1.'st improved portion of the State,
prcsent,in,s_: an ap',)car2mce of culture and wealth,
iincoinmon in any portion of the W est. In fertility
of soil, rimt porlion of Indiana traversed by the
above road, is not exceeded by any part of the
country that we have ever seen. The road is well
built, pursues very nearly a direct course, has ab-
undant sources of :1. large local, and is remarkable
well situated to oonnnand a large 6/rraughbusiness.
Already is its ti'all‘.ic fully up to the capacity of a
large equipment, and will be rapidly increased by
the development of the country upon the line of
the road, and the progress of similar works on
other parts of the State.

Very few roads make a better show of business
in the outset, than above. By all parties ac-
quainted withe the line, we found it regarded as
one of the best forbusincss, in the State. Such
was our opinion from what we saw.

The road occupies an casy1'outc,witl1 the ex-
ception of the crossing of the W/1.2’!-e-water River,
which required a very long /rill, with equally long
and expansive cuts. The work at this point de-
la-ycd the opening of the road a long time beyond
the expectations of the Company. The White-
water Valley is depressed very curved ox-‘ally below
the general-s*urfa.ce of the surrounding country,
rendering, either very steep gradients, or deep
cuts and high cmbankmeuts, unavoidable by all
roads crossing it at right angles.

Tee Central road was opened about the 10th alt,

AMERICAN RAILROAD J A L.

in season for the heavy fall business, which is full;
up to the expectations of the Company.

Cleveland!‘ and Toledo R.::ll1'oad Company.

It will be remembered that the Journal of tin
1‘2th inst. contained the circular statement of the
afi‘r.i1's of this Company, and the condition and
cost, of the work, &c., on bot.h lines of the road,
with an estimate of the fall revenues. The fact:
represented we-re, briefly, as follows: The Toledo,
Norwalk and Cleveland, and the Junction railroad
companies united their interests nude-r the name
of the Cleveland and Toledo Railroad Coxnpany;
the r"ormer being known as the tionlhcrn, and th:
ia.tt<.'-r as the Northern, line of the Compan_r's road.
The southern line has been in succcsstiil operation
somcrnonths; the Northern line is recently open-
ed from Ohio City to Sanduslcy City, .v.'hcre it con-
nccts with the Iliad River Road to Cincinnati ;
when completed, the length of both lines will be
two hundred and nine miles; _c.stiinatcd. to cost
four and one half‘ millions, represented as follows:
Stock paid in, two millions. Bonds of the
Company two and one-half‘ millions; loss than a
million of the latter being convertible.

We now publish the following Appendix to the
Circular mentioned, which exhibits some new
facts with reference to the future prospects of this
important. link in the chain of railway’communi-
cation between New York, and Cincinna“ ,Chicago
and St. Louis. It will be observed that The actual
receipts show a gratifying excess over the estimat-
es of the President’s Circular.

The Directors relied upon bringing into use,
early in the autumn, so much of the Junction rail-
way as lies between Saudusky and Ohio City; but.
unavoidable causes postponed the completion un-
til the present month.

The earnings of the Southern line (excepting a
few hundred dollars from the way business of the
Northern line,) were as follows:

Septembcr..... ..  .  .. . ....$36,878
Octobcr....  . . . . . . . . . . ..  57,253
$94,131

At this rate, the annual gross receipts will be
$564,000. Deducting running expenses from this,
will leave $340,000 net earnings; from which after
paying interest on the bonds issued for the con-
struction of the Southern line, and the sixty fin-
ished miles of the Nort.hcrn,1inc, $249,000 will re-
main applicable to the dividends upon $2,000,000
ofStock—-being over 12 per cent.

A large increase of revenue from the Northern
line is expected to arise from the communication
with Cincinnati, Hamilton, and Dayton rail-
roads.

The work on the unfinished portion of
the Northern line is far advanced. The iron has
been purchased and is on the ground. All will
be finished in season to connect with the Airline
of the Northern Indiana railroad, which will be
opened in September next.

The following persons compose the present Di-
rectory:

SAMUEL F. VINTON, of Ohio, *1
WILLIAM H. RUSSELL, of New York,
D. B. FEARING, ofNew York,

C. L. BOALT, of Ohio,

E. LANE, of Ohio,

WILLIAM JARVIS, Middletown, Conn.‘ i
E. B. LITCHFIELD, of New York. J

 

Illinois and Michigan Canal.

On Monday last the trustees of the Illinois and
Michigan canal paid the last instalment of the
principal, with interest, of the canal loan of $1,-
600,000. 'l‘l1c_‘ canal will now "revert to the ‘State,

and be under exclusive State juriscliction.

' Fi.ur..ucos‘of Georgia. V‘ "

Governor Cobb has ‘submitted his annual mes-
age to the State Legislature of Georgia. , The
locumcnt is dated November 0th, 1858, and con-
ains the following statement of the finances of
the State up to that time.

On the twentieth day of October 1851, the
public debt amounted to $1,687,472 22. By the
lot. of December 4th, 1851, ratifying the contract
of my predecessor and the Chief Engineer of the
iVost.ern &. Atlantic Railroad, for the purchase cl’
iron for the State road, it was increased $200,000.
.55’ act of January 12th, 1852, providing for the
repairs and equipment of said road, it was still
i'i1rl'.lieI.' inL'.1'Ga:sc(i the sum of $525,000--and by
;he act authorizing a subscription to the Milledgc-
ville and Gordon railroael, there was added the
sum of $520,000, niaking tile total amount of the
State debt ii;2,4.32,-472 2:. To this amount should.
be added the bonded debt of the Central Batik,

Uvhichisrxow:i1s%5t50,500; having been dhninished

05' the payixnent of .$5,500, since the 1st November
l85l. The total liability of the State is thus seen
so be 332,801,972 2'3, from which must be deduct.-
-d the sum oi‘ $,$l66,s300, which has been paid
during the past two years, under the provisions of
the :H_‘.L of February llth, 1850, providing for an
’ll’lllLlZ\i Sinking Fund for the payment of the
public debt. The present debt of the State there-
fore is r1~';‘2,(i35,472 2'3. -

 

Elaine.

Keml-ebcc anal P.-zrilzmd Railroad .—-The annual
report of this company has been published, giving
a statement of the condition, business and pros-
pects of the road for the year ending Sept. 30th,
1853.

It states that the stock of the Yarmouth portion
of the road has been arranged or exchanged so as
to make it a six per cent stock instead of a ten per
cent-—that a large portion of the ten per cent pre-
ferred stock has also been surrendered or ex-
changed for new preferred stock bearing six per
cent, and the hope is expressed that the balance
of the old ten per cent stock will shortly be ex-
changed in a similar manner-thc_efi‘ect of the two
arrangements being to save the coiripany in the
way of interest,’ about -$15,000 annually.

The report states that the directors have enter-
ed into a contract with the Somerset and Kenne-
bee railroad . company for the lease of that road

for twenty years, when v completed on the condi-

tions authorised, and heretofore made known.-
The additional equipments required for the road,
will occasion an outlay of $50,000. .

The report ofthe treasurer makes the following
exhibit of the financial condition of the road :— f
The total expenditures up to Sept. 30, 1853,
have been as follows: .

Now charged to construction . . . . . $1,755,506 03
Landdamages................... 161,332 93
Fence account... .. .. .. 31,385 29
Engine account.   53,787 -16;‘

taut ~ooo so

. ooooauuooo

Caraccount..................... 54,807 68-
Intcrcst in stock paid and _

to be paid to original

stockholders to January,

1, ’5‘2....    $118,000
There will be a furthc ' pay-

ment of stock at par to

contractors, of. .. .. . .  . 70,900

. —-——-——- 188,900 00

Interest in preferred stock paid and

to be paid to preferred stockhold-

orstoJuly1,1853.............. 56,400 00
Amount to be paid to redeem th ,

Yai-mouth road. . . . ._ . . . . . .. . . .. 202,400 00
Sundry accounts... ....   . 9,547 '

 

.———_an

Total!!!» c1¢g..§!!Y ‘E-‘E? fi:vuo o:9t$2’614$06?:

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