OIBSON PEACOCK. Editor. VOLUME XXI.—NO. 268. HK EVENING BULLETIN POTJLtfIirKD BVKItY KVEWIHCI (■SundAyr excepted), AT THENFW BVJI/KaETKN Btlli»1NO t GOT Cb««Cnut htrcct, ' iiY Tirju EVENING BULLETIN ASSOCIATION, . GIBSON PEACOCK, EKN EBT C. WALLACE, tf. L KETHEUBTON, THOB.vT. WILLIAMaOIf. CASPER BOUDEK, *)B., FRANCIS WELLS. The Bot-letm Ih served to subscribers in tho city at 18 cent* p*r ■ w«*ek, p»v * hie to the camera, or >6B per annum. MARKIED. KIRKPATRICK—DRAYTON.—On AVedowday. Jan. B, tit the Brit)«h JBmbamv In Faria, and afterward at the Madeleine, Toinplo Kirkpatrick, Secretary In the Brlrirh I.crntlOTi at Berlin, to Sylvia Livingston. winowof Wm. S Drayion, of tho L. S.Nnvy.and daughter of tho late Mortimer Livingston, of Now York. BO YD.-~On the 17th inat., David Boyd, 8r„ in the 7fth y««rofblrage. , d The relative* and friends of the family, tho members of Bolou»on> Lodjp Np ? 114, A. Y. M.tho Grand Lodge of roaidence N. E. corner of Hamilton and Eighteenth etrertr. on Thursday. 20th Inrt., at 2 o’clock, P. .\E •*• v.9n. A,r iv~P n thK mining of thflisth tnet. (Sunday!, \Ulltam M. Swain, aged 2S yearn. 9 months and 4 day,; The relatives and male friend, of the family, Columbia Eoage No. PI, A. > . M.. also the member* ot the Grand Lodie of Pennsylvania, A. V, M.. and hi, Maaonic IJri'thrtn acneniliy.arereapcctftilly remiosted to attend the funeral, from Ms Into residence. -No li&i North Broad rtrn-t.on 'hursday morning, the SOlh instant, at lOo’clock. io proceed to Woadland Cemetery. . 2c NOTICE.—Tire member, of Solomon', Lodge No 1)4, A. Y. M.. lhe ofllcer. and member, of the ’.rand Lodge of Pennsylvania, l and tho order in general, are fraternally invited to meet at the Hall. Chestnut street, on Thursday. 20th instant, at I o’clock, P. 31.. to attend lhe lenerel of our Uto Brother P. M. David Boyd. By order ot the W. M. ” CHARLES If. KINGSTON, Secretary. t*T MASONIC NOTICE.—Tho member, of Columbia Todpe No. PL of the Grand Lodge of Pennsylvania, aoil the Order in general, are invited to meet at the Masonic Hall, Chestnut «treet, on Thursday morning next. 20th host.. at 9l< o’clock, to attend th« funeral of ourlato BrotherPait-Maeter. William M. gWAitr. By order Of tho W. M. ”•• • ■ , I’.. LLOYD LEE. Secretary. Ln-KE & LANDeLL OPEN TODAY THE LIGHT 1 j * liudes of Spring PopUmGor the FflJbioDabtoWalkiiu? Steel Colored Poplin*, Mode UolorM'*Pqplin*. Blets&rck Exact Shade. spehalaoti c ks. Eev. Hen* y Ward Beecher WILL DELIVER UI3 NEW LECTURE, “Tlic Pursuit of Happiness,” AT THE ACADEMY OF MCBIC, Tbunday Eienm?, Feb. 27th, at 8 o’clock, Under tho ouiplpc, of tho YOUNO MEN’S CHRISTIAN AtSBOCJA'j lON. This will be the only opportunity of .'witrinf? Mr Btechcr fbi“ ln Philadelphia. i uk* t* will be ter h* ,f. K. GOULD’-* Now Plano Htor*?, Piffl CHESTN CT*tre*;U tVaDS&AbAY'MoBKING, lebruarv p*th. Tickets, Ifi cent*. No extra charge for R* r» rrea hc&G. fels>4trp aar ARTIBTS’FUND SOCIETY, Galleries l.'l.'Jt Chestnut St. The Exhibition of Ftkiurf and Hareh sill be Free to the Public. Ui-cn daily from 9 A, M, to6P. M* T<) COAt- OIL DEALKHB, KEKISEBS, ANT) RNDEJu?. Omrii’oF Cm' iNM’rcroa os Kr.rtM!i» rniioi-trs. am> Rrr.viM. Oii>, No. U:> WALNUT >tre*t. PuiLADtr.rin.\« February 15.1WH. To Refincrf, Ratified Petroleum, Kciowne. Mid Burning Fluid-, (Lard and Whale Oils ] -!/n?v exeept^di:— TAKE NOTICE. in accordance with an Act of Aastmblr* approved i cbi'hary 14, iiaS*, ON AN D AFTEii TH fRSDAY, Feb. £otli. Any perron or i-erson* who shall sell orcauuo to b<* p-jM or d* iritud. any REFINED PETROLEUM. KEROSENE, OU JftfUNlNO OU.S» tl.ard Bad Whale Oil only excepted), the firete*iof which shall he les* than iwi degree* Fahrenheit, or with out the brand of tho Inspector, or who rimtl adulterate oil aftei the name shall have be<-n fe&led and branded, •vs til be liable to a tine'of not more than five hundred dol . l*n, and an imprisonment not exceeding one Year, at the discretion of the court. fW~ Oile in Bond, or for pxport or shipment beyond the limits of tfce titate of Pennsylvania, ONLY, are u.sirmpt from tile provision* of the above-named Act. THE SECOND AND EAST LECTURE j.E Trot. IIOHEh-T E. !KI.I J llfA* Feb. H, 18*?. NOTICE.—City Yu arrant* issued la 1W67 trill be paid in the following ordfcr: Warrant* issued from Jamiarv Ist to July h|t will bo paid from March Ist to luth; tho*o Wiud irom July latto December Slut will b<* paid from ltlh to noth: V* arrant* of IBtiJ? will be paid'after the Uuth March. All intercut ou Warrant* will cease after tho dates above named. Holders ot fivt* or more Warrants will present a uchedule ot the same, for adjustment, bc foro the time of payment. . . JOSEPH N. PEIRBOL* • fel&6trp} City Treasurer. FKANKUN INSTITUTE.--THE STATED ." w m Monthly Meeting of the Institute will be held on WEDNESDAY EVENING, tho 19tbinflL,at 8 o'clock. • Merc ben* and others having new inventlcmsj - of mahufactureMo' exhibit, will please send them to the llall, 15 South Seventh street, before 7 P. M, A paper will bo read by ROBERT BRIGGS, Eae , ou a plan ol a Dome of 260 feet span and 130 feet height, for tho Franklin Institute Exhibition on Penn Square. WILLIAM HAMILTON, Actuary >Jt»“ THE Git AND TESTIMONIAL TO 8. K. MUU POOH will take place at CONCERT HaLL, on MONDAY EVENING, February 24th, 18&9* when he will read choke selections of poetry and prose. Admission 50 cents. Kestrvrd scats 75 cents. For sale at TRUMPLER’3, No. "926 Chestnut street; DONER k CO., 1102 Chestnut atn-ot, and at the Hall. fo!7tf rp moif* ST. MARY’S HOSPITAL. C)RN«H ajP "*** FKANKKORD ROAD and-PALMER STREET . jtUT Hilt. SccTy. 1011 COAL AND dll" 187h^|“ P r oparcS > to l ptJirataa U ifa Loaodue Lmnlmd B Sroc 1 t OS n , i ITAL ’ N( i?- 1618 AND 1620 NEWSPAPERS, BOOKS, PAMPHLETS WASTE ■■a^SS^tfSSSKSjßg3*gj to ball, last week, for starving; his horses Hlb excuse was, that business waa bo dull that h« could not afford to foed thorn as their wants rJf •quired. .... [Corrcspotodenca of fne rhiladctphU Evenin* Bulletin.] Paiu*, Tuesday, Feb.4tb, IBGB— Who shall say we are not living under a “constitutional" go vernment, when we are at this moment in the midst of a “parliamentary" crisis ? , Yes, of a real “parliamentary” cris’is; that is, of the Leg islature stepping in to arrest the action of the government. The fact seems strange and scarcely credible, when we recall what the French Corps Legislatif so lately was, and what Napoleon 111. has always been. But, nevertheless, this fact, though strange, is in a great measure true. The Imperialist majority is so alarmed, or pro fesses to be so alarmed, at tbo go-ahead liberalism of its own Emperor, that it Is moving heaven and earth to throw out the new law on the press, and, probably, after it the Bill on the Right of Public Meeting. But I must mention the Incidents as they have arisen, and the origin of this demonstration, for as such it is regarded, and is making quite a tumult amongst us. ' After M. Thiers’s speech, which I noticed on Friday, we had a tremendous onslaught at once against the proposed measure, for its Inadequacy, and against the general policy and financial system of the Government, from Jnles Favre. Thiß seemed to be the signal for the ultra-im perialists to open their mouths, which they did through their organ, M. Granier, who adds “de Caseagnac" to his name by way of giving himself an air of nobility, and because ho happened to be bom in that fortunate village. This worthy gentleman it was, who, as chief-editor of the Con ttiMionnd, together with Dr. Louis Veron, the well-known Bourgeois dr Paris, and chief pro prietor of the same, sold that journal to Louis Napoleon in order to prepare the country for the rnuji d'itnl. How successful a coup JL Granier thereby made for himself, may be judged of from the fqct that he, who never had a cent before, has ever since Jived en prince, when in Paris, with a chateau in the country (on which he hois's a flag to denote his august presence), and all sorts of grandeur be sides. Of course, be sits in the Chamber as a ‘■Candida! du i/oHrornhnntt*' for who, indeed, should Ik: one, if he is not? lie is also proprie tor aud director of the Pays, the ultra-imperial ist organ. This gentleman and his party have banded themselves together, it seems, to “defend the crown” against its own Imprudences and weaknesses. They hold regular meetings for tins purpose in the Rue de TArcade, and are hence facetiously designated “the Arcadians." They are moving, heaven and: earth to induce the entire majority to join them and throw °t ,! the Bill. Having, in fact, got all they possess ont of the Second Empire,they arc of course very zealous in its behalf, and desire to run no risks. Moreover, it is natural for such men as these to dislike and dread the idea of a free press, which might say awkward tilings about themselves, and recall matters which they would rattier were forgotten. Tha other day they succeeded in bringing up to Paris a few editors of journals, who styling, themselves the “delegates of the provincial press," demanded an audience of the F.mptror, to “petition him to withdraw the bill.’" The /’(o/e professing to report the inters view, insinuated that the Emperor had told them that his own views had been much modified on the subject, and that . the Corps Legislatif wonld tie dping him a service if It would relieve him of his responsibility and refuse to pass the measure. Ido not believe that this is true; but still the Jfonit'-ur, which is so ready at contradic tion when it likes, has not contradicted the state ment; and I confess I half expected to find an andounecincnt that the bill was withdrawn, when I opened the official journal this morning. Thera was, however, I understand, a grand meeting of the Council last night, at the Tnlleiies, in pre sence both ol the Emperor and Empress, which lasted till one o'clock this morning, when it tvns determined to go on with the bill. But to return •to M. Granier. He made a speech cm Saturday, which amounted, as I have said, to a demonstration by- the ma jority against (he bill. He said that'neither the Cb.amber nor the country wanted tbo measure that it was a mere utopia, that the press was free enough ns it was, and that none of the interests of the country suffered. He moved that the bill be withdrawn, and the press be left under the present “moderate” system. He was immensely applauded by the imperialist party, and next day alj. softs of reactionary rumors were alloat. jfes terd.-iy a great speech, extending over eight col umns, was delivered against the reactionary movement by M. Emile Ollivier. One of the most striking and effective passages in it related to America. . De Tocqueyilie, he said, returned from the United States with the conviction that “com plete liberty was the only safe rule for the press. In his posthumous work, tho writer relates a conversation he had with a great American juris consult: “What,” he asked, “Is the best means to limit the power oi the press?” “To make news papers as numerous as possible,” was the reply, “aud'never to prosecute except at tho last ex trend ty.” “I was told the other day,” continued M. Ollivier, “by a distinguished lawyer of New York, that in that State olono. there were 800 newspapers, or more than in all Europe. In that happy country there is neither stamp duty, nor caution-money nor printing license exacted from the press. All is free, except for defamation or direct provocation to crime.” He ended by a brilliant peroration, entreating the Emperor not to bo i shaken from his purpose-by over zealous friends. The debate was ad journed to this day amidst great excitement An attempt was made in the Senate last Satur day to preserve the Exhibition Building, now standing empty on the Champ do Mars, together with the Park whjch surrounds it. A petition to this effect was presented by some inhabitants of the neighborhood; and M. Michel Chevalier, the celebrated political economist and ally of Rich ard Cobden and his school, undertook to support the prayer ol it. M. Michel ChovaUer is now a Senator and Councillor of State, and therefore was once a very staunch imperialist. But ..ke.'.has...lately, so strongly opposed-himself, both to the extravagance of the municipality of Paris and oi tho government, that he has become al most an oppositionist, as will be seen by the sharpness of some of the observations,! am about to quotc>* lie began by saying that the building iu question Had. been so constructed as* to last threo hundred years; if necessary. A sum of at least thirty-five millions Had boon laid out on the Champ de Mars, and what still remained represented eighteen millions. The simple ques tion was, would the^government'' throff) ajsay these eighteen millions, or try to utilize thqm ? There was a park, a garden and a square, and an immense 60lid construction. Vast sums had - been recently expended iu making squares and’ gardens in the very heart of- the ffmr.ieautrpl IX. M. EVANS, .^ln?peetor. BETTER ritom PABIB. PHILADELPHIA, TUESDAY, FEB HUARY 18, 1868. town; why not kctp those already made to band? Tbcbuilding Itself was admirably adunted by Its character and position for a grand commercial dock or f the road will compare as follows: I*'!" ¥16,274,P1.} 86 1606 1i!,(i22.; , :;7 10 Increase in 1867 The changes in the aources of revenue, omitting United States troops, are shown below: Decrease in emigrant passengers.. $18,067 pp Decrease in express matter ' r pi, 871 62 iud In crease in regular freights : Increase in first-class passengers.'. .rerease in United Statesi Mails -. hcreasC in miscella neous. ... Increase as above stated The proas revenues-for 181)7 are equal to i-15,042 89 per mile of the main Hue of railroad. The -whole number of passengers carried in If-oo was 2,073,508, and in 1807, 8,817,160; but the average distance travelled by each passenger, in 180<, was 57 Tv-100 miles, while in the previous year it was 52 miles; showing that the increase nas chiefly been in the local business of the road. The number of tons of freight moved (includin'" 291,314 tons of fuel, and other material trans* ported for the Company) was 1,000,638, em bracing 1,680,723,tqns of coal. The increase in the coal traffic is 267,M2 tons, 'and whole onuage of the road exceeds that of la-t year nt7)820 tons—nearly 16 per cent. Tho results of the year, therefore, show a large increase in the business of the road, both in pas- Mugers and freights; but in consequence of re duced rates of freight, there is not a correspond ing increase in gross revenues, while the continued high prices for labor and materials have pre vented any material reduction of expensed The canals of the company, in conformity with the views expressed in the last animal report of the Board, have been sold and transferred to the 1 ennsylvania Canal CompaDv, and the share holders are referred, for information in rolation to them, to the report of I. J. Wistar, the Presi dent, and T. T. Wierman, Chief Engineer and Superintendent ' The earaings of the Philadelphia and Erie liailroad, in 1867, were: . From Passengers)..... $635,184 83 “ Tr00p5;.;...,.. 2,806 82 “ Freight.... 1,631,902 02 “ Express matter, 28,876 10 “ Malls 18,436 08 “ Miscellaneous . sources 10,605 00 Tlie operating ex penseßdnringthesamo period were: -.. _ i’or conducting trans portation “ nlaintenancc e'f way..;:,.. “ motive power “ maintenance of care:.......... 172,446 22 .. G-18,359 43 02-1,772 60 „ T0ta1........... .$2,010,872 86 To which add 80 per c e at., payable- tb---- Philadelphia and Erie Railroad Showing a loss to this Company, - , ->, lu operating the lino under the OUR WHOLE COUNTRY. Jss,aK'.JB. 84,931 G* 230,191 CO 11,832,299 67 ■?lC,oiO,ltj‘j 3G 1,028,387 82 3,C02,748 92 179.760 70 12,080,209 04 . $1,239,850 72 $10,310,150 30 10,583,882. 81 $213,720 4* $251,978 48 $01,942.01-' ¥12:1,000 08 180,708 07 2,201. 08 2l> 313,921 09 $251,978 48 $2,333,759 94 6QO, r 295 Cl 677,239 61 2,088,112 37 lease, of. Or S7S,G!iO 89 in excess of the sam; item in Jhon, Tlie whole revenue of the Pennsylvania Rall iciod anti its Branches, and the Fhiladel jaia and Eric Railroad, is as follows, viz,: from tbc Ptncbvlvonia Railroad and branches.. $16,340,150 3( From tbe Philadelphia, and Eric Railroad . Tojal $18,673,918 30 Aid the expenses of operating these lines are: Pennsylvania Bail- Y-- *..512,080,299 04 Philadelphia and Erie Kail road Thirty percent.re served to pay in terest on debt 'bf Philadelphia and Erie Kailroad Co.. r-&c.. tearing the net profits from both _ Bailwnvs..... , $3,905,504 29 From which deduct two cash dividends of 3 per cent, each paid to sharehold ers In May and November last, and the taxes thereon $1,337,668 52 Interest on bonds, &c., and taxes on same Lease oi Harrisburg . and Lancaster Railroad Annual payment to the State of Penn sylvania, on ac count of purchase of main line- of public works..... This amount, car- i ried to the credit . ?>f -“Extra Divi dend Fund,’’ in conformity with a resolution ap proved by the shareholders at their last meeting, payable in the capital stock of the Company Surplus , t Tlit net profits of the Pennsylvania Railroad Company are nearly all derived from the basilicas oi itsmain line. The investments held in other lines, that have heretofore proved prodnetive, have mostly been placed in the sinking fnnd esta blished for the redemption of the Second Ifort-' gage Bopds of this Company and the Bonds of the Harrisburg and LancasterKailroad Company, which together amount to $5,580,8-10. The value of the assets in thiß fund, at their present market price, may JrtT stated at $0,000,000, and are deemed amplb to meet at maturity the debts for which the fund Was instituted. If the Second Mottgago Bonds should be exchanged for those under the General Mortgage authorized at your last annual .-neeting, thiß fund, after payment of the seven hundred thousand dollar mortgage upon the Harrisburg and Lancaster lute, will become the property of the Company, to bo disposed of m such manner ;>g shall best promote its in terest. The shareholders are referred to the statement of the Treasurer annexed to this report, for ah exhibit of tbe condition of the Company at tbe close of the year. In comparing it with former statements, it will be seen that the coat of the railroad from Harrisburg to Pittsburgh stands upon the hooks of the Company at about tbe some sum ($13,540,950) that it did in IS.VI, the year that it was opened as a continuous siDgle track railway between those cities. Since that time there has been added upon this portion of railway, except three miles, a second track throughout, with shops, sidings, depots, Ac. sufficient to accommodate more than five times’ the trafiie that was then moved, the cost of which if carried to construction account, would have swelled it over $20,000,000. A second track has also been added to the Har risburg and Lancaster portion of the line, between Columbia and Middletown, li distance of 19 miles which has likewise been charged to expense ac count. The Philadelphia and Columbia Rail road, purchased of the Stale in a dilapidated con dition, has had its superstructure renewed, and all of its wooden bridges east of Lancaster re moved and new iron structures substituted, while ! the purchase money has at the same time been reduced from $0,500,000. its cost, to J 0,375,000. The construction account upon the whole line of double track from West Philadelphia to Pi its i t' ! !, r , eh >.? r ' 5 a single track between i DiilervtJie and Middletown, via Mount Joy, of ■ 27 miles, including branches to Indiana and to Holiidaysburg, of 27 miles, is but $20,799,233—a I so small, compared, with the cost of building i:.-!Uch a work at.thia that: no r rival:., line—Sv ! there was a favorable route for one—could be consti acted with any prospect of derivin'* a | profit from thwinvestment. This policy has been adopted by the Board, that reasonable ratos of transportation may be maintained and at the same time satisfactory dividends continued to the shareholders. The board is aware that this isnotin accordance with the practice pursued by railwav companies generally, particularly those of Grea't Britain, where their share and debt capital have increased to such enormous proportions com pared with their revenues that dividends to ordi nary shareholders have becomb the exception, while io maintain their revenues at the presont standard, even, .with the advantages of cheap labor and materials for maintaining and operat 'mg their railways, the Vafesfdr travel and general' weight are largely in excess of those charged bv this Company. The practice of dividing -the whole apparent net profits of the Company, which has been the rule in Great Britain, ha’s also had the disad vantage, by an exhibit of large dividends, on their completion of stimulating the construction of rival lines, thus increasing the railway capital that the traffic of tho region is expected to meet, in an effort to secure a fair return for the money expended, which can only be effected by in creased rates, The securities created under the financial plan,- adopted at your last meeting, to provide for the future wants of the Company, have been pre pared, and will be issued from time to timo, in exchange for its existing mortgage bonds, and in like amounts aB the share capital of the Com-' pany is increased—to provide for the domands of the railway for additional facilities for the accom modation, movement orprotectlon of its traffic. This plan contemplates the continuance of semi annual cash dividends of three per cent, free from United States and State taxes—the re mainder of the net profits of the year to be car ried to an extra dividend fund, to be divided in sharcMvtieucver it is sufficient to justify a dlyi- • dead of live per cont. Upon The , capital stock. Under tho operations of this arrangement divi dends of eleven per cent, were paid In 1807, and the same rate may be expected In 1808, Tho Board,as stated in their last annual report, would have preferred, and would still prefer, to increase the capital stock of tho Company by a general distribution of it at par among tho share-’ holders in proportion to tho interest of each, but the alleged legal Inability of Philadelphia to meat her share of this increase led to tbeodoptlon of tho present plan, which If is belioved will be found sufficient to meet the objects of the Company and the requirements ofit&cbsrtor. ’"' "" * ■ - As the -policy of Investing ftmds of the Com pany in feeders to tho main line in and out of the State, haß been frequently odversely commented upon, the, Board will again remind the;share holders that tbe investments mado ontaMeof Pennsylvania ’wero expressly authorised and $ So 1.352 43 ’2,333,759 94 2,010,872 86 677,239 51 14,708,412 01 618,084 04 135,274' 18 460,000 00 1,190,000 00 3,741,020 74 $103,877 65 directed By themselves, witß the full concurrence of the (Directors, except in the subscription to iln- Merit tta and Cincinnati line. The wisdom of these investments, in view of the then igoiatlon of the Pennsylvania Railroad at its western terminus, has been fully Vindicated by the beneficial effect that the construction of the avenues thus facilitated with the trade cen tres of the Wept have had upon the revenues of the Company and the prosperity of Philadelphia. The Board only exceeded the express authority of the shareholders, by a laborious but successful effort, to save the funds—as far as advisable— that they had directed to be so invested. The expenditure* upon lines within the State— as explained in previous reports—was one of the conditions of a contract with the Commonwealth, by which the Company was relieved from the onerous burthens of a special tonnage tax, which dwarfed its usefulness and prevented its railway from developing the resources of the interior.: These expenditures have resulted in the con struction of the Pittsburgh and Steubenville Railroad, the West Pennsylvania Railroad, the Ebcnßburg and Creason Railroad, the Tyrone and Clearfield Railroad, the Bald Eagle Valley Rail? road, the Mlffiln "and Centre County Railroad to Miiroy, and the extension of tho Broad Top Rail road to Dallas. All of these works are valuable feeders to the main line, and in the aggregate will pay an interest upon the amounts now charged against them. „ The Tyrone and Clearfield Railroad at present terminates at PhUlipsbnrg. Daring the past year the road-bed has been graded to the town of Clearfield, and the track will be laid upon it in the ensuing.epringand Bummer. That portion of the railway between Pittsburgh aDd Columbus, Ohio, extending from Pittsburgh to the Ohio river, across the Btatc of West Vir ginia—in consequence of its great cost and long delay in its construction—became involved In in extricable financial .difficulty, to free It from which it was Bold under a decree of the Supreme Court. Arrangements are now being mode to consolidate it with the Steubenville and Indiana Railroad, under tire name of the Pittsburgh, Cin cinnati and St. Louis Railway company, with a view to make but odo corporation be tween Pittsburgh and Columbns. In' this line the Pennsylvania Railroad Company has a largeintcrest in its shares, and we entertain the belief that its revenues will at once pay an inter est upon the amount now charged to that ac-' count. , The chief motive, however, in incurring this expenditure was, as already mentioned, the advantage it afforded to this Company in secur ing the freight and travel to and from the south ’ west, for which we had previously no indepen dent connection. The linq is now in full opera tion, aDd in this respect has met our expecta tions. gaining for the traveler a saving of several hours in his journey from Philadelphia and New York to Cincinnati, over any other route. The Philadelphia and Erie Railroad has been operated smee February 1, 18G2, by this Com pany, under a lease, at a heavy annual loss, which has to that extent reduced the profits of the main line. This lose is largely due to the -unfinished character of the new portion of the work, and the decayed condition of.. the bridges, &c.,-upon - the older parts of the line. In addition to these causes, it may be added that the line traverses i country which produces articles for transporta tion that can only be moved at low rates of freight —rates which, at the existing high prices for labor and materials, do not afford a sufficient margin of profit to meet the interest upon the debt of the Company and the cost of operating the rail way. This object can only be secured— if the causes of the high cost of operating rail ways should continue—by a largely increased traffic, to obtain which increased material outlays are required.' The Philadelphia and Erie Railroad Company,- under the lease, is obliged to furnish the money to meet the expenditures for this object, but as it is without means or available credit, it devolves upon this Company to supply the deficiency or continue an unprofitable "arrangement. As neither the public advantage nor the permanent interest of mis Company will justify the latter alternative, the Board, with a view to apply tho expenditures mentioned in a manner that will host promote the objects in view, has purchased and converted obligations that have accrued against that Company, into its capital stock to the extent of 31,630 shares of Common, and -18,000 of Preferred, amounting in all, at par, to uearly s4,ooo,ooo—sufficient to determine the future mode of managing the affairs of tho Company. This lino and the Pennsylvania Railroad oc cupy the ODly routes within this Commonwealth, upon which a railway for through business can he built and yield a reasonable return upon the capital that may be expended in i!s construction. Upon all other routes, sovetal additional moun tain summits will be encountered, besides the increased cost hereafter of constructing snch a work. With this knowledge, we may safely make outlays for the development of their traffic. The extent to which this can be done by a judi cious enlargement of the field of operations of the Philadelphia and Erie fine may bo appreciated by referring to the history of our own railroad, which was only opened as a continuous railway in connection with the Stale road, between Philadelphia aud Columbia, on the loth of February, 1864—at which date the Eastern and Western Divisions of what was ori ginally the Pennsylvania Railroad were united, avoiding the ten iucliued planes, operated bv sta tionary power, which had previously lifted the traffic’over the Alleghanies. The revenues of this Company, from the whole line, from Phila delphia to Pittsburgh, during 1854, tho first year of its operation as a continuous line, were $B,- 512,295. In J SC>7, between the same points with addition oi'the local business of the State railroad—they were $10,583,000, an increase of nearly five- fold in moneyand much larger in ton nage. It is true the Pennsylvania Railroad traversed I a country that had been partially develooed by ; the State improvements,.and a large.locaL yaffle ! became immediately available, bnt at that Arne the through basilicas was of inconsiderable ex tent. It has since vastly increased by the, rapid growth of the West, both in population and wealth, and is capable of still greater develop ment by the introduction of rates of freight that will successfully compete with those charged upon the lakes and the New York canals. . A line possessing a large mixed traffic, such as commanded by the Pennsylvania Railroad, can not fully meet this requirement without the con struction of a third track throughout its length, by which trains can. be moved at a low rato of speed withonc serious interruption to the traffic that will pay for the cost of a more rapid move ment, Instead of a third track upon the Penn sylvania Railroad to meet this demand, as origi nally suggested,' it has been proposed that the line of the Philadelphia and Erie Railroad, os far as practicable, be taken for such a thoroughfare. This lino will cross the snmrdlt between the eastern and western waters where.the elevation iB but 1,450 feet above tide, whkw may be over come by gradients not expending a rise of a half of a foot in one hundreufeet, passing through a region abounding ip-the best bituminous cool for mol. : A road bttijMb accommodate the object' con templatejLnJust Ife located and constructed with a view>to secure the lowest possible cost of move-: mentT' of -trains, and its locomotives and cars 1 adapted to tlio business they are Intended to move and’the speed they will travel. Instead of changing locomotives at tho end of each service, as at present, tho tralps.undcr this system will bo provided with double crews, alternating their time upon duty until their destination is completed and tho return trip accomplished. The speed of.the freight trains shouldnofexceed an average of six miles per hour. .. .;: v'- .. sech lpies where tho movements more rapid, a railway operated, upon this principle can only bo introduced with advantage to tho community and profit to Its shareholders, where the traffic that it will command is very largo. • The profits upon the capital Invested in such a llne must he realized trom a; smallmatgiu over- F, I. FETHERSTON. PaWislier. x PRICE THREE 0 ENT3 ' 4'- ' ■ ' -- ■' • • f; . / : J cost tipon - a very large : tonnage to be moved. But few, If any, locations at pro ' eent afford a business sufficient to jnstUjr me construction of a railway, specially operated: upon tbie principle,and one between tneeast and west will be sufficient to meet thopublic demand ® a ny years. In New York the Erie Canal, fulfils tbo objects of Buch a work not ohly for tbat State but for through tonnage between the cost and west. No route in Pennsylvania ior eleewbere between the sea-board and the West af fords equal facilities for the introduction os thia A? H n ? occupied by the eastern po** lion of the Philadelphia and Erie Railroad, where a basis for it may be laid with confidence as to its affording favorable results. A Katt road operated upon this plan will ultimately bis 1 extended, to the Mississippi river across the table lands or. Ohio, Indiana and Illinois, south of the' great lakes, which, when the tonnage is sufficient; to justify its construction, will afford a mediant of transportation at .ail seasons of the year as cbeab and more expeditions than via the lakes' Canal, without materially Interfering with the profits ot existing lines; The generdt .. introduction of this system of railways to viper- ~ eeao the present lines can only end In a disastrous failure wherever tried. The present system of operating railways is adapted to the wants of the country, and is the only one applicable to lines of mixed or mode rate traffic,or that could now be profitably Intiro quired” 110 r<^' ona w^ere new railways are re- The preponderance of east-bound traffic upon ail of the trunk hues must always give a prefer** • 5.9, , e foster lines for western shipments, while the financial value of expedition, and the necessity for it in the conveyance of livestock, must continue such traffic with the lines operate* under the present system. Since your last meeting, the Board has received, with regret, the of H. H. Houston' Esq., as General Freight ..went of this Company, a position which he nos held since the organiza tion of the Transportation Department, perform ing at all times its delicate duties, with much credit to himself and fidelity to the Company. In bis successor, Btephen B. Kingston, the Board feel satisfied they have secured tho services of a gentleman well qualified by long experience and sound judgment, to administer the important duties assigned to him. T l u cl haa 4180 received the resignation of K. E. Bicker, Esq., Superintendent of Motive' Rower and Machinery who left the service of this Company to assume the more responsible posi tion of General Superintendent of the New Jersey Central Railroad Company. To fill the vacanoy thus caused, A. J. Cassatt, Esq., has been selected, —a gen tleman who has been engaged in the service of the Company since the commencement of his professional career. In conclusion, the Board desires to acknowl edge the efficient manner in which the business of the Company has been conducted by the officers and employes, generally, during the past year. a... By order of tho Board : FACTS AHD FANCIES, ri —Shad have appeared in the North Carolina —New York has laid in 750,000 tons of ice for summer juleps. —Vermont coined moneyas late as 1787, later than any other State. —Anna E. Dickinson makes $lO,OOO to $l2 00* a year by lecturing. ’ Web9t?r^ olm k° r< * ** aa a Eew lectare upon Daniel —Bullock, Banks and Butler aspirc toSam ner s seatln the Senate. ‘ —Miss Janauschek bade good-byo to St Lotus on Saturday evening in the character of Medea. —With tho aid of her new steamship line, Bal timore aspires to become the first tobacco market in the world. —The Baltimore City Council propose to fine all persons who jump on or off the cars running in that city. — T |l e pot profit from the “Black Crook” in New lork was $287,564 13; which was divide* by Wheatley, Jarrett, and Palmer. —Western Lake Erio along its shores grows acres of a plant which travelers suppose to be the Egyptian lotus. , —A Mr. George Washington contributes to the entertainment, r -Ireland: its Scenery, Music and Antiquities,” whiph has been given nightly in Belfast for tho past six weeks. —Clark Mills has completed a model of an al legorical statue of Lincoln, which he proposes to have put np in Washington. Wo sincerely hope he will not succeed. . —Colonel WUey Coleman, a lawyer, commit ted suicide at Kosciusko, Miss., by jumping into his own well, a lew days since. Pecuniary em barrassments, It is supposed, caused the act. —Georgia papers pronounco the German laborers who havo been imported into thoBtate a iaijnro, and predict that the negro is still to be the main dependenee of the Georgia planters. that the great Napoleon Is still alive, juftt as some Democrats persist In voting for Andrew Jacksou in this country. , - —An English jury has awarded £l,lOO damages to a gentleman whose nerves were shocked, but who received no bodily wound, by a railway ac cident. —A curious and valuablo book has lately ap peared In London; a descriptive catalogue of books written by Quakers, from their rise to the present time, with notes and biographical sketches. , ; —An iceberg, it is reported, haß grounded on the sub-marine cable between Gape Tormentine aad Cape Traverse. TBe. Prince Edward raw* newspapers ore thus deprived, of their tele graphic despatches from all parts of the world. —Cambridge, Mass., is somewhat agitated be cause of the exclusion of colored people from the fashionable skating rink in that city. The courts and the City Council .were appealed to to settle the troubles that have arisen. * —The Dusseldorf painters seem to have had a pretty good season,, their paintings having sold to the amount of some forty thousand dollars, more than two-thirds of which was paid by Ame ricans. , . —A Boston paper says the Increased demand for lodgings at the police stations In that city in dicates that the free distribution of soup la at tracting from other localities a few unwolcomo citizens. * —Tho Fort Smith Herald says that the State of Arkansas is situated in tho centra of one of tho longest coal fields In the Southern country, ex tending into the counties of Franklin and Scott, east and south of Sebastian, and also extending west and northwest Into the Choctaw and. Cher okee nations. —A watch case has been invented which, Jt ia, claimed,.is not only dust-proof but water-prooft, and even air-proof. Tbe invQptor.atatca r that.ha, has immersed a watch, in one of these cases, In , water all night without tho slightest damage to the movement. A clork in a Syracuse liquor sto reasserts that he saw a rat the other morning drinking I whisky. Trom a leaky cask when ho went in, and that the rat reeled in making his escape. _Bceing *atsla a tymptom of tho disease to which perilOQß fipend ing much of tholr time in Buch stprcfi afC llEfto* V —A Southern prophet has predicted, witii grent particularity of etateiaciit, divers dire diseaaes and deaths destined tor certain distinguished In dividuals. Among, them ia the death of Gengml : Grant from"alongdisease,^causedbydfivimra portion of a lighted cigar into his thWafcln© drowning at sea of Chief Justice Chase, waexDe of Senator Sumner, &c. As tho time when Thad-. does Stevens Was to die;, by this account has. already passed, It is not inadmissible to insinuate an impression of intrinsic improbability. J. Edgar Tiro.wso.v, President.