land is common to all the Eastern cities, while, with the Cleveland, Terre Haute and Alton and St. Louis Railroads, it makes a line absolutely straight from Buffalo to St. Louis. This line to San Francisco will be found shorter than any other. We learn from the Railroad Record that the amount of stock authorized is $6,500,000, and that the resources are stock subscriptions $3,200,000, future do. $1,3000,000, and first mortgage convertable bonds $4,500,000, total $9,000,000. Arrangements have been made to commence the work on independent sections, in both Ohio and Indiana, keeping closely within the means of the company. By building thus in sections, having productive connections, the road will be available as fast as completed. OHIO AND MISSISSIPPI RAILROAD. The western division of this important Road is progressing with commendable speed, all things considered, and we are happy to record the fact that the public is beginning to realize the benefits of this great enterprise. On the 26th day of the present month [August], the road was opened for travel from Illinoistown to Carlisle, a distance of fortysix miles; and it is expected that it will be opened to Sandoval, where it intersects the Illinois Central Railroad, fifty-nine miles from Illinoistown, by the first of October. An additional section of nine miles from Sandoval to Salem is expected to be completed by the first of December. The southern division of the Illinois Central Railroad is said to be progressing with great speed, and it is understood that a connection between St. Louis and Cairo will be established by the 1st of November. CHICAGO AND MISSISSIPPI RAILROAD COMPLETED. We extract the following paragraph from the Alton Telegraph, of the 1st of the present month (Aug.): "THROUGH TO CHICAGO.-According to announcement on Saturday, the passenger trains of the Alton and Chicago Railroad began their regular trips yestceday between the two cities, the first train going out under the ch of the veteran Conductor, E. P. HOLLISTER. This will be gratifying intelligence to the traveling public, who have heretofore been much annoyed by the frequent changing of cars and baggage, consequent upon making a connection with other roads. The time through from this city to Chicago, is twelve hours, being a large gain, and will enable passengers to reach New York six hours earlier than heretofore. It will be observed that the morning trains will hereafter depart at 9:45, instead of 10 o'clock; and the evening trains start at 6:45, instead of 8 o'clock." MISSISSIPPI AND TENNESSEE RAILROAD. We have received the Report of the President, Treasurer and Chief Engineer of this Road, and are gratified to learn that the work is about to be commenced with a fair prospect of its accomplishment within a reasonable period. We regard the Mississippi and Tennessee railroad as constituting a link in a chain of railways connecting St. Louis with New Orleans, and though we still look with confidence to a connection with New Orleans by the way of Helena, we regard the route by Memphis as the first to be completed. We learn from the Engineer's Report that the road had been located 60 miles from Memphis, and that in all probability a cheap and practicable line not exceeding 87 miles would be obtained to Grenada, which will be but 3 miles longer than an air line. The maximum grade is 473 feet per mile, and the minimum radius of curvature 1,910 feet. In a distance of 62 miles 640 feet located, the total length of straight line is 52 miles 2,111 feet, and total length of curved line 9 miles 3,809 feet. In the general estimate, including equipment, depots, engineering, &c., the total cost is set down at $2,000,000. But under the head of "resources," the engineer says that by a partial curtailment of the equipment and the temporary substitution of wooden structures for brick work, the road may be put into operation and do a profitable business for several years for the sum of $1,700,000. To meet this sum we have the following statement of resources. $534,725 00 Individual cash subscription. Memphis city subscription--bonds payable in thirty years, bearing interest at 6 per cent. payable semiannually, for which the city provides a special tax -the proceeds pledged to the purchase of iron..... 150,000 00 Tennessee State loan-bonds payable in 30 years, bearing 6 per cent., payable semi-annually: principal and interest to be paid by the company, and a first mortgage given to the State on 9 miles of the road, as security for their payment-this also pledged to the purchase of iron..... Total....... 97,500,000 .$782,225,00 Amount required to put the road in operation......$1,700,000 00 Amcunt raised... Deficit.... 782,225 00 .$917,975 00 to be raised by additional subscription of stock, by stock taken in work, and from the sale of Company Bonds, secured by a first mortgage on the Mississippi portion of the road, and a second mortgage on the Tennessee portion. Contracts for the grading of seventeen miles have been closed, which is to be completed by the 1st July, 1855; contracts for 18 miles more are to be closed as soon as the notes of location can be completed. A contract has been closed for the trestle work on the first 37 miles from Memphis, and also for the masonry of the first five miles. LAKE ERIE, WABASH & ST. LOUIS RAILROAD. This is another important road which has been commenced at a distant point from St. Louis and without co-operation of the citizens of the city. Toledo bids fair to become one of the most important commercial cities on Lake Erie, and being the nearest point at which the lake can be reached from the Mississippi, a direct line of railway from there to St. Louis must be regarded as a work of first rate importance in the system of public improvements of which St. Louis is the center. We have seen no very recent notice of the progress of this work, but the following paragraph which appeared in the Toledo Blade, some two months since, shows that it was then being prosecuted with much spirit. THE LAKE ERIE, WABASH AND ST. LOUIS RAILROAD.-The work on this great route is being pushed with great activity, and we are assured that it will be put in operation between here and Fort Wayne before snow flies. The contractors are at work along the whole line, and we understand the payments for labor are $110,000 per month. Ten thousand tons of iron, much more than enough to reach Fort Wayne, are bought and paid for, and a large share of it delivered. We naturally feel a great interest in this route, inasmuch as its business so exclusively will be concentrated at Toledo. The works here at the terminus will be constructed with all possible despatch. MINES AND MINING. PRODUCE OF GOLD IN AUSTRALIA. At a season when the financial condition of the country is regarded as unsettled and critical, it is important to note the facts relating to the production of the precious metals; for upon a correct knowledge of this subject depends in a good degree the re-adjustment of commerce and finance on a sound basis. It will be seen from the following extracts from the Mining Magazine that there has been a decline in the shipment of gold from Australia during the present year as well as from California. The yield, at later dates, of the old gold fields continues remarkably steady, although a comparison of quantities for the first four months of the years 1853 and 1854, respectively, continues to show a falling off in our receipts per government escorts, to the extent of about 3,530 ounces per week. These escort returns, however, are no infallible guides to the actual yield, especially at the present time, when branch banks and brokers at the principal gold fields are paying the diggers within sixpence per ounce of the Melbourne prices. The broker's price to diggers at this date, is £3 19s. per ounce. The shipments for the six weeks under notice, have been exclusively to London and Liverpool, and have comprised 141,742 ounces. The entire shipments for the year up to this date have been 713,230 ounces, being 47,415 ounces less than the shipments in the corresponding four months of 1853. JOURNAL OF MANUFACTURES. [From the Railroad Record.] COST AND CONSUMPTION OF GAS IN THE U. S. An interesting report by the Cincinnati Gas Go., shows the price at which gas is supplied by the companies of various cities and towns in the U. S. From this summary it would appear that at Pittsburgh and Philadelphia gas is furnished much cheaper than at other places. We enumerate here the price of gas at thirty-four different towns, with the length of street mains, and the quantity of gas consumed annually: Cities. Philadelphia.. Boston. Evansville, Ind.......... N. York, Manhat. Co. 3,00 Cincinnati, O. 3,00 At New York there is another company, so that the whole quantity consumed is not shown by the above table. At Pittsburgh and St. Louis, coal is worth about 7 a 10 cents per bushel,* Cincinnati, 10 a 15 cents, with a tendency, at all the places enumerated, to a rise in the market price. At Pittsburgh, Pa.; Madison, Ind.; and Wheeling, Va., the gas works are owned in part by the cities; at Philadelphia they are owned entirely by the city. * The coal used for making gas at St. Louis is brought from Pittsburgh. 65 miles 80,000 13 66 18,000 11 15,000 3 7,660 18 66 17,000 6 66 4,500 20,500 feet 3.319 5 miles 8,000 |
