fatting Mcppli
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FRIDAY, NOVOMBER 1, 1867.
Progress of the Union racific Railroad.
Swob tbe conclusion of the war America lias
made and is still making mighty strides in her
nward progress. Not only is the advance
ment In ideas without precedent, but steps so
rapid are being taken to develop the national
resources that we have a guarantee that we
have entered upon a new era. Prominent
among those developments is the lavish ex
penditure of capital in opening new mines and
In making available the vast treasures of the
far West; but foremost of all is the energetlo
approach to completion of the Union Taciflc
Jlailroad. So long as the great breadth of
our oountry rendered it impossible to have free
communication within our own borders, and
go long as the products of one section had to be
Shipped by sea for thousands of miles, in
Order that connection might be established
with the other sections, so long was the growth
and development of the great national re
iouroea of all sections checked. But the es
tablishment of a through line of travel which
will unite and bind together even those States
which seem on different sides of the world,
- will oause an instantaneous influx of energy,
and a rapid growth of wealth which has no
precedent in the history of our country.
This consummation is rapidly being reached.
According to the latest report of the Union
Taciflo Railroad, over one-third of the distance
has been overcome, and for five hundred miles
beyond Omaha the iron rails extend. The
energy whioh has characterized its manage
ment, and the determination to advance
frith all speed consistent with stability,
places the rank of the Union Pacific Railroad far
Ahead of all competitors. We are glad that at
least one line is being prosecuted with a zeal
Which shows as that the great demands of the
country are fully appreciated by its manage
ment. The people cannot appreciate the magnitude
Of the task which they have undertaken. We
are in the habit of talking of millions, but we
do not realize what a million really is. What,
then, is the surprise felt when we are told that
that portion of the Union line already built has
cost over 140,000,000, and that only one-third
ii oompleted I Surely the undertaking is a
gigantio one. Yet it is as certain to be a most
remunerative one as that there is a sun in the
Leavens. What is such an expenditure when
compared with the assets ? The assets clearly
available are $2,000,000 in excess of the very
highest estimates. Already, from the ad
Tanoe of that portion of the road completed,
can we prophesy a rich harvest. Although
none of the through trade can, of course, yet
be reaohed, and the way trade alone is avail
able, yet the figures which are shown prophesy
what we have a right to expect.
EARNINGS.
Passengers, Freight, Telegraph, and
MallH. S72J,7w5l
Transportation of Contractors' Ma
terials and Men 479,283 41
Total 1,203,0331)5
EXPEN8K8.
, i n.nni.n fy ,.i.m l V, i 1 1 i ntrwn
Trains etc . . . ... ZlZTZW.::: $393,630.03
Net Earning's'to balance 807.603 03
ToU1 $1,203,038-05
The net operating expenses on the commer
cial business for the quarter were $237,9G8-50.
The account for the commercial business
gtandsas follows:
Karnlngsfor May, Jane, and July t72S,7"5-5l
Expenses for May, June, and July 237.9iW 60
Net profit 485,78U-W
There oan be no possible question but that
the road will pay, and that it will be speedily
completed. The advantage, therefore, of an
investment in the first mortgage bonds of the
Company is one to which the attention of our
yeopla need but be called to carry conviction
as to their great value as a means of perma
nent investment. In the first place, the mort
gagees hold a first lien on the road, which is
in itself sufficient to guarantee the safety of
the investment. Then, again, the great in
crease in the value of the road, and conse
quently of its stock, is an assured fact. There
oan be no competition for years, so that an
actual monopoly is secured for the rpad of all
the trade across the plains, and of the ex
tent of that trade no one can possibly form
an idea. The through business and the way
business will be limited only by the capacity
Of the freightage.
All that is necessary to make an immense
revenue is the completion of the road, and
many of the difficulties popularly supposed to
exist are imaginary. There is an idea that
great angles of elevation must be graded and
vast asconts overcome. Such is not the case.
Because the land is so enormously high is no
reason why it infers a steep grade. On the
contrary, the ascent is almost imperceptible
and affords no cause of delay. g0 in reference
to many of the other supposed objections.
They all disappear before the march of man
Aided by capital and the appliances of science,
And the day is near when all will be overcome.
Offering these advantages, then, as an invest
ment, we do not wonder at the readiness with
whioh the first mortgages are being absorbed.
The mortgages bear 6 per cent, in gold, and
are sold for 90 per cent, of their full value.
They are being eagerly sought after, and as
their great reliability and rich interest become
known, they will be taken up by our capital
ists and all our people, with that same energy
With which our citizens always detect aul
engage in a really meritorious enterprise. We
commend this great undertaking of the age to
the attention of all citizens.
THE DAILY EVENING TELEGRAPII PHILADELPHIA, FRIDAY, NOVEMBER 1, 1807.
Projected Kevenne neformi.
Thr Hon. David A. Wells, the Bpeoial Com
missioner of the Revenue Bureau of the Trea
sury Department, has reoently returned to
this country from an extended tour through
Kurope, whither he proceeded for the purpose
of examining into the different revenue sys
tems in operation there. On his arrival in the
United States, Mr. Well.) made a tour through
the West, to investigate the praotioal workings
of our own mongrel system in that seotion of
the country. He is now in Washington, en
gaged in preparing for the consideration of
Congress an elaborate report upon the result
of his observations at home and abroad, in the
course of whioh he will recommend such
changes in our present system as will tend to
relieve it of many of its most objectionable
features. That Mr. Well3 will succeed in
finally disposing of tho great finanoial problem
of the country how to meet the current ex
penses and maturing obligations of the Gov
ernment, and at the same time impose upon
the people the lightest burden of taxation con
sistent with our national requirements can
scarcely be deemed possible, as many of hia
previous schemes have met with strong oppo
sition at the hands of some of our loading
statesmen. The question will have to be set
tled by Congress, and it will undoubtedly
prove one of the most vexatious that will come
before that body during its approaching ses
sion. But the observations and recommenda
tions of the Speoial Commissioner cannot fail
to be of great service, and his forthcoming re
port is now awaited with an almost fovorish
anxiety.
From occasional addresses made by Mr
Wells during his Western tour, and some
foreshadowmgs of the leading points of
his report, as given in our recent Wash
ington despatches, we are led to believe
that he will meet this great question
in the true spirit, even if he does not suoceed
in presenting a solution which will satisfy
both Congress and the nation. Our revenue
system does not need a mere reformation a
complete and thorough revolution is tho only
remedy that will prove effective. In the first
place, there should be a great simplification of
the system of taxation. At present, we can
scarcely point to an article which does not
legitimately come under the merciless eye of
the tax-gatherer, and this very multiplicity of
taxable articles is one of the strongest possible
incentives to fraud, on the part of tax-payers
as well as tax-collectors. Of the latter there
are now over twenty thousand, a force greater
in point of numbers than the standing
army of the nation for many years
preceding the Rebellion. That this ho3t of
officials should prove honest and trustworthy
to a man is not to be expected, especially
when we consider that their appointment is
almost invariably owing to political influences.
The true and honest men of the nation could
not be persuaded to accept of these petty posi
tions under the present system, even if their
claims would be listened to by those who hold
the reins of power. No independent business
man and none but practical business men are
qualified to discharge such trusts will cast
aside his private interests for the sake of hold
ing office on the most precarious of tenures,
that of proving able and willing to gratify all
the wishes and accede to all the require
ments of the political middlemen who stand
between the appointor and the appointee. One
grand result of a simplification of the tax list
will be a corresponding decimation of the ranks
of this great civio army a result which will
be hailed with positive joy by an overburdened
people.
But a far more desirable result will be the
more equal distribution of the burdens of
taxation which will be possible under a dif
ferent system. We will not at present dis
cuss the advisability of abolishing or increas
ing the tax upon incomes, but confine our
remarks to the duties levied upon the multi
tudinous articles of natural and mechanical
production which now go so far towards
swelling the list of taxables. All the neces
saries of life should be entirely, or at least
comparatively, relieved from taxation; while
the deficiency in our national revenues which
would result therefrom should be supplied by
a corresponding increase in the duties imposed
upon the mere luxuries of life. It is true
that this change will result in a redaction of
the share of the national burdens to be sus
tained by those whose limited means deny them
the use of luxuries, while those who live upon
the good things of the land will be compelled
to make up the deficiency. But this policy is
dictated by both common sense and expe
diency. A man whose annual income exceeds
five thousand dollars is le33 oppressed by a
tax of ten per cent, than is he whose resources
fall below two thousand dollars by a tax of two
per cent. Nor is there any inherent injustice
in this apparent inequality, for the capital of
the wealthy can be made available only
through the wearisome toil of the poor; and no
reasonable man will deny that capital should
relieve labor of a portion of its burdens in
return for this great service, whioh is never
fully compensated for by the customary
wages.
But the simplification of the tax list and
the decimation of the army of tax-gatherers do
not embrace the whole field of needed revenue
reform. The present system of appointment
1b radically wrong, and so long as it is con
tinued we may expect to see the Government
made the victim of the mere tools of poll'
ticians.
When we were compelled, by the Btern
necessities of the war, to resort to indisorinil
nate taxation, it was, perhaps, impossible to
devise any better system; but now that the
war cloud baa passed away, and we hare
before us the indubitable proofs of the failure
of this system, Congress should not hesitate
to aaopi a sweeping ana euootive remedy. In
Europe, where for centuries past It has been
necessary to Bubjeot everything to taxation, In
order to support gigantio standing armies in
tiroes of peace as well as of war, the ex
perience of suooessive generations has de
veloped a system of appointments whioh has
now reaohed perfection; and it is but seldom
that we hear of peculation or fraud on the
part of revenue offioials. In the selection of
these officials politics are entirely ignored,
regard being paid solely to their business
qualifications and integrity of character. They
hold their positions, moreover, for life or
during good behavior, ani have thus before
them the strongest incentive to uprightness in
their official dealings with the Government
and the people. Feeling assured of an honor
able competence so long as they shall remain
faithful to their trust, they are enabled to per
form their duties on strict business principles,
and it is very rare, indeed, that they are
tempted to step aside from this straightfor
ward course of dealing. If suoh a system
were adopted in this country, we have
enough faith in the superiority of our republi
can institntions over all the despotisms -of the
Old World, to believe that it would be crowned
with success. First let our tax list be reduoed
to the minimum, and make a corresponding
reduction in the army of assessors and collec
tors; and then reorganize tlie whole revenue
department on the basis of the civil
servioe of Europe, and both Government
and people will be gainers by th'13
radical revolution. No man should receive an
appointment who is not beyond reproach as to
character, and, as a test of his business capa
city, able to bear off the palm from all compe
titors at a thorough and impartial examina
tion. If it be found impracticable to place the
appointing power in the hand3 of the Execu
tive Department, let it be entrusted to the
Federal Courts, the Judges of which, as a rule,
are beyond the reach of political and personal
influences. If we can repose any faith in
Washington specials, a recommendation to
this effect will be made by Mr. Wells in his
report to Congress, and we hope that it will
receive the favorable attention of that body.
The Educational Progress of Oar City.
Tub dedication, last night, of the first of a
series of new school-houses in the course of
erection in our city, marks the commence
ment of a reformation in our school system
which presages great things for the future.
The Hollingsworth School, of the Eighth Ward,
is the first of a long line of noble structures
which will soon grace Philadelphia, and afford
us just cause for pride. When we see the
publio money expended in such a cause and
in such a manner as has been done in the pre
sent case, we have no word of regret at the
taxes, but much rather congratulate our citi
zens on the proper appropriation of their
money. It is a curious subject to look
back over the past of the schools
of Philadelphia and compare them with
the present. This task was so pleasantly
and interestingly done by Edward Shippen,
Ksq., in his address last night, that the
best we can do is to follow the thread
of his narrative. It seems, from what he telU
us, that the establishment ot the nrst school
was contemporaneous with the laying of the
foundation of our city. So early as 1083 the
Provincial Council directed Enoch Flower to
undertake the task, and asked him for the
schedule of prices, which he gave as four shil
lings for three months' tuition in reading;
six shillings for reading and writing; eight
shillings for reading, writing, and casting ac
counts; and for one year's board and tuition,
including washing, JE10. Fifty dollars for one
year's board and tuition 1 Those indeed were
halcyon days, and we might regret the pre
sent, were it not that we have a dark suspicion
as to the quality of the diet and learning far-
nfehedby Mr. Flower. The common school sys
tem, as a charity school for the education of
such only as could not afford to educate their
children at their own expense, was first com
menced in our State, we think, in lSi
Until 1818 it was extremely limited in its
sphere 01 operations, and, in tact, was a
failure in every respect. At that time the
Legislature attempted a reform, and improved
the theory of the system; but, by still leaving
the objectionable ..laaae in regard to poverty
in, they prevented that general adoption of
the plan which its merits and the needs of our
people demanded. In 1S32, however, the
management of the system fell into different
hands. The Board of Control then received
an impetus by the addition of such men as
Thomas G. llollingsworth, Morton McMichael,
George N. Justioe, and Morris Dunlap. Through
their energy and wisdom the stupid restriction
to the poor was stricken out, and the present
system commenced its operations. But until
to-day it has been cramped and retarded in its
Bpliere by the condition of its buildings. As
Mr. Shippen and Professor Stillo both forcibly
remarked, the old school-houses were
"pest houses" of disease. Damp, badly
ventilated, dark, and in every respect ill-conditioned,
they have ruined the health of too
many teachers and pupils for us to dare to
contemplate. At last, however, a million of
dollars has been appropriated for the erection
of new houses in all the wards, and the splen
did building on Locust street is the first fruit
of that well-advised appropriation.
Under the new system of ventilation,
handsome rooms, and well-appointed surround-
1 . A rt 1 A 1 . . .
iuga, we cannot out coniiuenuy anticipate a
new impetus in the studies of the children,
a every good citizen should take a deep
Interest in the progress or all educational im
provements, reoognizing In the universal dif
fusion of learning the great bulwark of our
liberties, and the best promoter of the growth
and inoreased riches of our nation. That State
is great and happy exactly In the proportion
of the intelligence of the people, and as the
circle of knowledge ever grows larger, go does
the happiness and wealth of the people ex-
pand. Everything, therefore, looking towards
this great end, should receive our warmest ap
proval, and be met by the most liberal
advances on the part of the people. It la a
duty which all good citizens owe to the State,
to lend their countenance to all plans for
educational advancement, and with the exhi
bition of publio spirit evinced by the grant
ing of this needed appropriation and its proper
expenditure, we deteot the commencement 0
a new era, bright in its prospect of wide diffu
sion of learning among the masses of the
people.
SPECIAL NOTICES.
tZW SPECIAL NOriCB.-TUK SWA N
1)011 rft mil hor hwki(imL Hnntr when
dyitiff. In like manner th irAirrrince of I'lm
IVn's "Night-rtloomtng Oreus" grows more ftx
quiftllft iut it bftcomtfi fainter. This In tint the case
with the ordinary extract for tho hnndkerc ilof.
Thflr original Hcnnt noon In pips Into ilecUttniiy
rfulftlVft odor. jvru jiftvm ivumtfium,
KT5p HEWbPAPEK ADVERTISING. JOY
fVU Jl fVl Asanr. tnr th. tT IT T triu luu"
end Newspaper Press of tbe whole country, have RE
MOVED ftom FIFTH and CIIESNUT Htreete to No.
144 8. SIXTH Street, aecond door above WALNUT,
Omc-Kw-No. 144 8. SIXTH Street, Philadelphia;
TRIBUNE BTJILDINfM. New York. . T4p
' TO THE REPUBLICAN CITIZENS
OF THE TWEKTY-SKrOND WAKO.
A meeting will behold in the TOWN HALL, Usr-
mnntown. on FRIDAY. November I. Iwi7. at IK
o c ock I'. M., of UioMowlm luvor the iiomluiitlon ot
(iemrul U. H. Orant for President. This meeting Is
culled In pnmuam-e of a resolution passed at a meet
lug held ou hint 8turdHV evening, and In for the ol.
e t of forming a Ornnl Cluh for Hie Ward. All who
curuiauy endorse t lie movement now being inaugu
rateri b) over the hind, to nominate this distinguished
soldier as the standard-bearer of the Republican part
in uie com in jt'remoeniiai contest, are lavitou to
attend. Jo.MIUA T. OWKN,
OKOIJHK W. HAMEKSLY,
JOSEPH T. FORK.
10 31 21 Committee on Town Meotlngj,
THE ANNUAL MEETING OF IIAHN'3
VJ RRV OIL CXJMPANY will he he d at 4
P. M.. MONDAY. November 11. at No. 432 WALNUT
Street.
The rolls will be open from 4 to P. M. for the elec
tion ot Heven Directors.
Uv order of
11 lf;n
PAUL P. KELLER, President.
NATIONAL BANK OF THK REPUBLIC.
PmLADKt.rHiA. November I. lsi7.
The Board of Directors have declared a Dividend of
THREE 1'KH L'fiNT, lor the last mi mouths, clear ol
taxes, payable on uemana.
HJ oruer oi tue Huara.
11 1 lit JOWKPH P. MUMFOUD.Cashler.
IKT A SPECIAL MLKTING OF TIIR
stockholders of the Dark JIollow Oil and
Manufacturing Company, will be hold at No. 21H',
WALNUT Htreet, Room No. 4, Stcond Btory, on
Till RSDA Y. November 21. 1S67, at Vi o'clock M... to
take Into consideration the affairs of the Company.
Philadelphia, uctober si, isti7. 11 1 m-
f3T OFFICK OF THE AMERICAN ATI-a-3
INCRUSTATION COMPANV. No. 147 South
FOURTH (Street.
I'll 1 1. A 1IF.I.PH I A, UCtODer Z. 1H57.
At a Blated meeting of the Board of Director, held
thl.i day, It wan
Resolved. That a dividend or t i vk rfclt cent,.
In cesb. be declared out or the enruuiKg ol the Corn
puny, payable ou and af.er November II, 117,
Resolved, That ihe Transfer boons of the O impany
be closed from November first to eleventh, 167.
lOtO-U 1 479 K.RA LIT K r'ri S. Treasurer.
tTSSr OFFICE OF THE DISTILLERS' AND
RKIT1FIERH' ASSOCIATION OF FHILA
DXLP11IA, No. 718SAWOM Street.
ONE HUNllHF.U DOLLARS RKWA RD. The
Distillers and Rectiliers' Avsoola'ion' ot Philadelphia
will pay the above reward for the detection and con
viction of any person engaged In the Illicit distillation
of spirits in thlH c'ly. iiy order of the President.
lu 15KI i!A au at. K All n I'.iLr.H, secretary.
IKST OFFICE OF THE WARREN AND
r-XS FRANKLIN RAILWAY COMPANY. No.
aiSJi WALNUT street. Philadelphia, Oot. 31,1807.
The Coupons due O Vital Br.lt I will oe puiu ou pre
sentation at the olllce of JAY COOKE A CO,, No,
114 b. THIRD street, it. r. j.u unit,
10 81 at t reasurer.
DR. J. M. HOLE. OF OHIO. PRESI-
dent ot the National Medical AHSoclation of
the United States or America, ran be cousultrd by
tnose winning meou-ai or surgical treatment, on ana
alter the 3')th Instant, at the olllce No. WW ARCH
Street. Philadelphia, Pa., formerly occupied by Pro
fessor llllHU) 1'ulne. (juice noors, I A. ai. to M.
1 P. M. to 4 P. M., 7 P. M. to V P. M. ID ii lnvtp
irSST' UNION PACIFIC RAILWAY COM
:2J PAN Y, K. D , Olllce No. 42.4 WALNUT Street,
Philadelphia, October 21. 1H67,
u tie interest on tue f irac Mortgage tsonos, Leaven
worth liranch. of the Union Puolllc Railway Com
pany, Kastern DivlsloD, due November 1, lfiiCT, will he
paia on presentation ot me coupons tnereior at ma
lanklngliouseol DABNKY, MORGAN &CO.,
in 22 lot no. S3 KACH AJiithi Place, New York.
YIEGAND,S PATENT STEAM GENE-
BATOR Is cheap, compact, economical In use,
and ABSOLUTELY BAFJE FROM ANY POS9I-
BILITY OF EXPLOSION
Apply at the Office of SAMUEL WORK, N. E. cor
ner of THIRD and DOCK Streets. 913 4p
iKTSr" THE BRANSONS HAVE NOT SOLD
VS out the old Coal Yard. No. 507 South BROA n
Street, below Lombard, aa has been reported, but
continue selling tne . . .
JJ1U3T UUA1.111U VI tVAl,
kt fair prices.
Superior LEHIGH and genuine EAGLE VEIN
always on hand. g 18 2m4o
BATCH ELOR'S HAIR DTE. THIS
snleudld Hair Du la the best In the world.
The only r eu verfcel JJy Harmless. Reliable, In
stantaneous. No disappointment. No ridiculous tints.
Natural iJlacx or Rrown. itemeaies me tit enecta oi
Mud Jjytt. Invigorates the hair, leaving It soft and
Deaiilirut. jut genuine ia signeu w i buam a.
BATCH ELOR. All others are mere Imitations, and
should tie avoiaed. sola py an uruggisis ana rer
fnniers. Factory, No. 81 BARCLAY btreet, New
York. 4 6fmw
"A
LL CAN HAVE BEAUTIFUL IIAIR,"
LONDON HAIR COLOR. ! NOT
LONDON HAIR COLOR. A
LONDON HAIR COLOR. DYE.
LONDON nAIR COLOR. NOT
LONDON HAIR COLOR. "A
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LONDON HAIR COLOR
LONDON HAIR COlOR
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LONDON HAIR COLOR
FKbTORKK AND DRESSING.
RESTORER AND DRESSING,
RESTORER AND DRESSING,
RESTORER AND DRESSING,
The only known Restorer of Color and Perfect Hair
Drtbsiug combined.
IStJ IY1 V J IV I . UAljnr.n.1
no more baldness!
no more baldness
no more baldness
OU
OB
OB
OR
OREY HAIR.
OREY HAIR.
GREY HAIR.
Mlil.'. V UA1K.
It never tails to tmiinrt life, erowtll. and Vigor to
the weakest hair, fastens and stops lis falling, and Is
sure to produce a new growth of hair, causing It to
grow tnicg ana strong.
tuny vaveuta a uouie uiui ".
Bold M DR. SWAYNE'H,
No. R80 N. SIXTH Street, above Vine,
And all Prnggista and Variety Stores. 2 tnthls
ADVERTISEMENTS
INTENDED FOR THK
1TKSTEBJ'i SOCTnEBSf, AMD
I'KAIf EDITION
ECHO
OF TBI
COIJIEHCIAL LIST
AND
PRICE CURRENT,
Huit It r.ftat tba Ofllc,
No. 341 DOCK Street,
Before 5 P. M, oa Friday,
TO SECTJBK PCBlIt'iTiei 1ST TUB
VfUVlK EVITlOHi U1IH .
500 MILES OF THE
IhVTON PACIFIC RAILROAD,
Ruiuilns; West from Omaha Across
(he Continent,
Are Now Completed.
The Union Tactile Railroad Com nnnv have built a
longer line of railroad In the last eighteen month! 1
than was over built by any other Company In the
am lime, and they will continue the work with th
same energy until It Is completed. Tbe Western Divi
sion la being puHhed rapidly eastward from Sacra
men to by the Central Paclllo Company of California,
and It ta expected that
THE EXT1KE RM I.IXE
To tho raclflc will be open for business In 1370, More
than one-third ot the work has already been done,
more than one-third of the whole line Is now In run
ning order, and more laborers are now employed upon
It than evet before. More than
FORTY MILLION DOLLARS 1.1 MONEY
Have already been expended by the two powerful
companies that have undertaken the enterprise, and
there Is no lack ol funds for Its most rigorous prose
cution. When the United States Government found
It necessary to secure tbe construction of tbe Union
I'aciUc Railroad to develop and protect Its own In
terests, It gave the companies authorized to build It
such ample aid as should render Its speedy comple
tion beyond a doubt. The available means of the
Union I'aclllc Railroad Company, derived from the
Government and Its own stockholders, may be
Lrletly summed up as lollows:
I. United States Bonds,
Having thirty years to run and bearing six per Sent,
currency Interest, at the rate ot $16,00 per mile for
B17 miles on the Plains; then at the rate of Jis.ooo per
mile for ISO miles through the Rocky Mountains; then
at the rate of 12,000 per mile for the remaining dis
tance, for which the United States takes a smjnd lien
as security. The interest on these bonds Is paid by
the United States Government, which also pays the
company one-half the amount ot Its bills in money for
transporting its freight, troops, mails, etc. The re.
malnlng half of these bills is placd to the company's
credit, and forms a sinking fund which may finally
discharge tho whole amount ot this lien. The claims
against the Government since AprM of the current
year amount to four and one-halt times ihla Interest.
2. First Mortgage Bonds.
By its charter the Company Is permitted to issue Its
own First Mortgage Bonds to the same amount as the
bonds issued by the Government, and no more ami
only at Uie road propret:i. The Trustees for the
bondholders are the Hon. E. D. Morgan, U. S. Senator
from New York, and tbe Hon. Otkes Ames, Member
of the U. S. House of Representatives, who are re
sponsible for the delivery of these bonds to the Com
pany in accordance with the terms of the lw.
3. The Land Grant.
The Union Pacillc Railroad Company has a ltnd
grantor absolute donation from the Government of
12,8no acres to the mile on he line ot the rat, whioh
will not be worth less than $1 60 per acre at the lowest
valuation.
4.--The Capital Stock.
The authorized capital of tbe Union Pacific K ill-
road Company Is 100,oon,000. of which over !5 .ihid.OOO
have been paid on the work already done.
THE .Ml'. ANN
SUFFICIENT
THE KOAI.
TO lttTILO
Contracts for the entire work of building 014 miles
of flrtt-olaHs railroad west from Omaha , comprising
much ot the most difficult mountain work, and em
bracing every expense except surveying, have been
made with responsible parties (who have already
finished over sno miles) at the average rate of sixty
eight thousand and fitty-elght dollars (tCS.O-SS) per
mile. This price includes all necessary (hops for con
struction and repairs of cars, depots, stations, and all
other incidental buildings, and also locomotive, pas
senger, baggage, and freight cars, and other requisite
rolling stock, to an amount that shall not be less than
$5000 per mile. Allowing the cost of the remaining
one hundred and eighty-six of tbe eleven hundred
miles assumed to be built by the IFaciiio Company to
be 190,000 per mile,
Tlie Total Cost of Eleven Hundred
Kile will be a follow!
14 miles, at SM.OM.... ,.. fi2,2O5,012
ls miles, at ioo.ooo ,. i6,7to,ooo
Add discounts on bonds, surveys, eto 4.500,ooo
Amount.. (S3, 143,012
As tbe United State Bonds ar equal to-money, and
tbe Company' own First Mortgage Bonds have a
ready market, w hare as the
Available Cash Resource for Building
Eleven Hundred Mile:
United State Bonds...- 129,128. 0O0
First Mortgage Bonds . 29,328,000
Capital Stock paid In on tbe work now done. 6,309,75 )
Land Grant, 14.080,000 acres, at l-0 per acre. 21.12o.ooj
Total 185,145,750
The Compary have ample facilities for supplying
any deficiency that may arise In means far construc
tion. This may be done wholly or In part by addi
tional subscriptions to capital stock.
Active Inquiry has already been made for a portion
f these lands, and arrangements are now proposed
to offer a part of them for sale. While their whole
value will not be available for some years to oome
they will remain a very Important source of revenue
to the Company. The lands ot the Illinois Central
Ra lroad Company are selling at from to to f 12 per
acre, and other land-grant companies In the West are
receiving equal prices for similar properih s.
Fl'TlItK I11SIK.
Tbe moat skeptical have never expressed a doubt
that wbtn the Union Pacific Railroad Is finished, the
Immense business that must flow over It, as the only
railroad connecting the two grand divisions of th
North American contlneut, will be one of the wonders
Of railway transportation; and as It will have no
competitor, It can always charge remunerative rates
Tbe J?aclfl o Mail Steamship Company, of New York,
know running a regular line of its splendid steamers
between Ban Francisco and China and Japan, whioh
1 doubtless the pioneer of other Hues that will tra
verse the Paclllo Ocean laden with the teas, spice,
and other products of Eastern Asia. Excepting some
very heavy or bulky articles of comparatively low
values, shortness of time decides the direction of
lie gnu, and most of these cargoes will flud their
natural transit over the Union Pacific Railroad.
It la quite within bounds to say that Its traffic will
e limited only by tbe capacity of the line, and that
BO other road will find a double track eo necessary.
California and Oregon must not only be supplied with
means of transport for their passengers, mall, treasure,
aad other freights, but tbe Inhabitants of Dakotah,
Colorado, Utah, Idaho, and Montana will communi
cate with the older State almost entirely by this
n ad. It will be tbe avenue to all the great mlnlog
ttlstrlot, which Is only welting this ready mean ef
communication to receive a population that will de
velop It vast mineral and other resources, and whioh,
Of Haelf, would furnish ample business for a railway
line.
KABMIKOS FBOMWAY BI7SIAKS9.
While the through bulnes ef the Company will be
amply remunerative, It Is tt In tne fniure. but the
local business on th part of th road In operation has
been most satisfactory.
Daring the quarter ending July 11. an average of
fit miles of the Union Pacluc Railroad was ia opera.
tlon. Te euprlntajoft report shows ths follow,
tug result-.
KARNIKO.
Paaeanrer. Freight, Telegraph, and Malls. fn.mtfH
Transportation of Cs. ractors' Ms erlals and
men,,
- 7t,a4t
Tetal...
- fJt.20J.0MH.
F.xpr.rvwne.
Fuel, Bepfrtr, Ofllcee, Condnctors, Trains,
eto trcsutntl
Nkt Eabnino- to balance wnjbtm-it
Tol - .ii,2o,om
Th net operating expenses en the commercial
business for tlin quarter were 237,t-M. Th ac
count for the cxmimrrcial bittinru stand, as followai
Earnings for May, June, and July..'. .t.m4m.imi
Expense " " " irr.sce-ra
Net Proft-t...... 4,7sr
The amount of Bonds the Company can- tana om
825 miles, at $lit,0io per mile. Is ,5,200,000. Interest lai
gold, three mouths, at 0 per cent., on this Bum. I
178,000; add 40 per coiit. premium, to correspond witfe
currency earnings, Is $!u,2uo showing that the net
earnings for this quarter were mm-f than fiyur tirmm V
iiUfriii oa the First Mortgage Bonds on this leogtn ef
road.
TIIF. FIHHT mORTAR BOJTIMI,
Whose principal la so amply provided for, and whose
Interest Is so thoroughly secured, most be classed
among the tacsi investment.
TI1ET PAY SIX PER CENT. IBf ttOLI,
And are offered for the present at NINETY CKNTS4
ON THE DOLLAR, and aocrued Interest at Six Per
Cent. In currency ftom July 1.
Many parties are taking advantage of the present
high prlco of Government stocks to exchange for
these Bonds, which are over 15 per cent, cheaper, aad
at the current rate of premium on gold pay
Over Nine Per Cent. Interest.
I Subscriptions will be recolvod in Philadelphia by
DK HAVEN A BROTHER. No 40 8 Third street
WILLIAM PAINTER & CO., No lift. Third street
J. E. LEWARS A CO., 8. Third street.
THE TRADESMEN'S NATIONAL BANK.
In Wilmington, Delaware, by
R. R. ROBINSON A CO.
AndlnNewYork at the Company's OOlce, No. M
NASSAU Street, and by tbe
CONTINENTAL NATIONAL BANK. 7 Nassau U
CLARK. DODGK A CO., Bankers, 5 Wall sU
JOHN J. CISCO A SON, Bankers 33 Wall sU
And by the Company's advertised Agents throughout
tbe United States, of whom maps and descriptive
pamphlets may be obtained on application. Remit
t u.ces should be made in dralts or other funds par la
New York, and tbe bonds will be sent free of oharge
br return express,
JOHN J. 4'IKt'O, THEAMUBEB,
NEW YORat.
Ill
October 28, 18t,7.
13. X. L.E E,
No. 43 North EIGHTH Street,
II Ate NOW OPEN, FROM NEW YORK
AUCTION,
REAL LACE GOODS.
Handsome Poiuto Collars, f4-50, worth (8.
Elegant Polntc Collars, 13 to f .0.
1000 Real CInny Collars, GO centa. A Bargain.
2( CO Buille Collars, 81 cents to 68 cents.
800 dozen 8-tuck Hdkfa., 81 to 88 cents.
Ladles' Hemstitched Hdkts. Bunkrupt stock.
200 Real Valencleune Hdkfs., 3 25 to llo. Extra
cheap.
LACE CURTAINsl.
LACE CURTAINS FROM AUCTION.
BARGAINS IN LACK CURTAINS.
DRESS GOODS REDUCED.
ELEGANT LYON8 CLOAKING VELVEM RI.
DUCED.
Hosiery and Gloves In variety.
Ladles' Iron Frame Hose, very cheap.
MKBINO ISBERffEAB FOB LA DIEM,
EXTRA CHEAP.
Men's Fuper Stout English Half Hose.
1C0 dozen Fringed Lluen Towols, 12X cents. Old
price.
60 dozen Huck, extra cheap, 20 cents.
Towels, Napkins, and Tablo Damasks at reduced
prices.
GREAT REDUCTION IN D09IEMT-IOM.
Best American Delaines, It cents.
Dark Calicoes (best) fast colors, lax and 14 centa.
1000 Doll Babies at half price.
1 bale Russia Crash, very fine, 12,',' cents.
JBJLANKETN REDUCED.
BARGAINS IN It LACK MILKst.
Owing to the repairs now going on in back part of
Store, we are determ.ned to close out part of stock tor
waul of room.
E. It. LEE.
5ti dozen Medium and Light KID GLOVES, suit
able lor evening, No. 7 to 7, (100, to olose out.
60 dozen Silk and Wool Scarfs, suitable for Gents, aa
cents, cost over 75 cents. 11 1 2t
BARGAINS! BARGAINS ! I
Nearly Three Hundred Thousand Dollars
Worth of Elegant Imported
DRY GOODS,
That Must be Sold Immediate!).
Silks, Shawls, Cloths, and
Dress Goods
IK I. VERY VARIETY,
EDWIN HALL & CO.,
ISO. 28 SOUTH SECOND STREET,
Invite the attention of ladles to their immense
STOCK OF GOODS now selling at such prloes
as cannot fail to give entire sailafaotlon to pur
chasers. This large stock MUST be closed out, and the
publio can depend on bargains In new and fash
ionable goods. iq gl
TTIIkE, HD1.ES "AVING PURCHASED
-L the whole of a large Importer' stock of on,
li.enced BO I1' A t Utsll KINS, CllAlK HEATW PtT
hlQOlM, AND BLIPI'ERH we are Sflerin theV
lew than ooal of Importation. A full ZViriZJi
liellu Zephjrr, sold full weight. Amer oaTweSJSl
of superior quality, lu centa perounoe. Woollen f?n
Uug Yarn liny.. Fringe. Itiigle Oimp, and Butlee! ,
.... "APhON'S Trimmings and .ephyr more '
11 1 tmwuifrtj H.W.cor. fcK.lU H auduftaitlv ?'.