Chicago Daily Tribune Newspaper, February 27, 1875, Page 7

THE CHICAGO TRIBUNE THE RAILROADS. Annual Report of tho Chi- eago, Burlington & Quiney. Earnings and Operating Ex- ponses of the Road. Details Concerning Is Land-Depart- Annual Report of tho Pennsylvania Railrond Company, Net Earnings for 1874, $12,. 819,962.81. A Plan Arranged for the Reorganization of the Detroit & Milwaukee. CHICAGO, BURLINGTON & QUINCY. ANNUAL REPORT OF PRESIDENT WALKER. Tho annual report of Prealdent Walker, of tho Chicago, Burlington & Quincy Railroad, which is published bolow, ia a remarkable documont con- sidering how unfavorable tho year has been for businces. It showa bettor than tho provious ro- port of tho Company, In that thero las beon an Sucreage of carnings and areduction of operat+ ing expenses, ‘Thora ara fow railroads iu this country the report of which fs as favorable, and noneran show a greater prosperity than this during tho past fow yoare, In faco of stich im- meuae dificulties a8 havo presented themselves: Orrice of THE Citcaco, Buntinaton & Quinor Danoay Comrany, Ctcaco, Jan. 1—To the Stock. holders of the Chicago, Burlington & Quincy Railroad Company: The stockholdcra will umter- stand, in coneldering thin report, that the tongth of tho road operated during the yeur Js tho same ns that covered by tho roport for 1873,—680 29-109 nulles of main track, and ie 59-100 millea of branch roadu, in 11,263 1-160 miles, ‘The capital stock of tho Chicago, Burlington & Quluey Ruflroad Company Las been increaeed duriny tha year by $1,000, Cortitieates for tia amount were Inaued to parties entitled to tho acme under dividend No, 25, and which had not been previouvly called for, The capital atock of tho Lurlington & Mixsourl River Railroad Company has Leen incroased by $207,530. Fifty dollara ef it for fractional rights, to which the articn were ontitled under a previons ilividend, and 207,509 by conversion of Burlington & Miswourl itiver Ttltond bonds as nubrcquently stated, making the cumblned capital stock of thy two Companies oa the ‘Dist of Docember, 1874, $10,649,012.70, ‘Tho entire GROSS RECEIPTS AND EXPENDITUNES of the Cumpany, for the year ouding Dec, J1, 1876, have been nu full From freight... From passengers v...5. From mail and misceltancon From Burlington bridge toll ‘Total earnings, 11,645,317,52 om paid, in al i Dt cea aad —————— $6,513,512.99 Leaving not earnings for ‘he years ens $5,191,805,13 Interest acerued utd paid'on bouds during tho yout... 1,958,892.10 wate palanon, of... ra $3,172,919.03 of which has been patd No, BTiseee ba 1,327,134,00 bus been paid Transtur office expe dolerest and exehanee king ful = $2,747,519.28 Leaving net surplus carn ‘fuga for tho seur ovec able dends and every current Mabilit aseeeee 425,393.75 To which td surplus at commencement of the year 9,520,599.00 And thero rtanda to credit of {CONG BCCOLINE......02 v0 $5,045,092,15 ‘The amount credited to sink- ing fund takeu from earn- inge of previous. year 13... 1,200, 744.98 ‘and this, added to Income creditumuka thoamount of * 5,128,797.63 ni be neon that the gr int $11, oings of OPERATING EXPNNera ‘wore $6,219,299,41, oxclusive of taxos, and $6,519,512,99 including taxes, In the proviots your the operating exrentce wers £4,181,814,18, without taxes, aud $0.455,767.62 with takes,” Delng lov in percentage In 1674, thuugh largor + dn amount by $37,769.23 in tho former cuso, and $74,~ [44.87 m tho latter; showing again in the net eurn- ‘of the year over that of the provious one of $161,- 347,03, A Sam perauva statement of operating expensos for 1878 and 1574 gives the following result: In 1874 they wero 63 41-100 per cent exclusive of taxes, and ine eluding taxes 63 03-100 percent of the uross carningn? (dp 1874 thoy were 64 19-100 per cont without taxes, an ‘G6 42-0 per cent with taxes; slowing 8 reduction in ‘operating expenaos in 1874 over thoge of 1873 of 74-100 gf Lper vant tn tho one cate, aud 4100 of 1 per cent n er. ‘The earnings distributed upon tho matn line have heon at the rate of $17,123,460 per mile, wud over main Anw and branches at the rate of $9,219.07, ‘The preceding statementa show that the NET EARNINGS of the road forthe year, above operating exponser, taxes, interest on the bonida of the two Companten, snd on all bunds of the branch roads of tho two Com= unter, in Towa and Tlituiols, aud ovory other expenre have been $1122 por share'on the combined capital mock of the two Companies, as it stood on tho Uist of December, 1974, a8 ngainne $10.23 por share on the stock asit was ontho Sletof Docember, 1873, The amount of TAXES amestod against and patil by the Company during the ear Was $2)4,223,0d, UN excesh Over thuxe of loid of 20,975,394. In wildition to thease thore waw osscesed Agarmat tho Gurapau for the year 1873, and payable $m 18H, about, $227,000, mainly under a ‘recent law of the Slate of Liliuols purporting. to authorize the taxa fon af the capital stuck, fucluding the frauchixes of the Company. The legality of this tax waa disputed by the Company, and its collection enjoined for that year, That suit ia siill pending, A atmilar tax, and amounting to about $20u,000, ag near as can now be as. certained, was in like inaduor saneascd against tho Compaiy'for the year 2874, The collection of thie tux has algo been enjoinod by a recent auit in the Federal Court, It ia confidently believed that the law purport. tig to authorize this tax, and the proceedings of the suthoritics under it, will in tho pending aulty be held {a be voldyand the collection of tho4o taxce perpetually enjoined, Some changes have taken place in THK YUNDED DENT of the Company during thu year. It will be reeottected ‘that under the date of July 1, 1879, in order to comoll- date into ous class of bonita of Ika charactor tho en~ tire bonded and othor indebtedness of the Company, and to provide for ita future necessities, the Com many srectited » trust, mortgaqo (6 copy of whlch will be found at the endof tls Feport) pou tts allroad, property, aud franchises Ja Iiivou and ite Keowuk tie in Tuwa, securing ite bonds, to be thereln provided, ta the amount of $30,000,000, Of thie amount, $30,000,000, by tho teria’ of ‘the trust. qwortgage, were sot asldu and appropriated exclusively tothe fuiiding of the then outwtanding bouded ani otherfudebtodness of the Company, aud the remalulug $10,000,000 to ba appropriatod ant used only ne the procvedy thereof rhauld be required to pay for new sonatruction snd equipment demanded by @ inerease of business, Under the proe Visions of this morigage there bave bean Hauod during tho yoar $0,041,000 of theta bonds, " Or teva, Uoore Rave Ucon oxchavgod at pary with, an ad- fustuont of interest, for the plain 7 yer ‘cent bonds of he Company, payable in eid, $3,092,007 for the Branch Bonds, so-called, $(2,500 ; making the amount Of bonds exchanyed $3,425,000, The remaining $2,006,000 hove been sold and the Proceeds applied in accordance with the provisions of hs mortgaye, That is to soy, $256,200.08 toward the Yment of the balance due on thu purchase of the orthern Grose load, and $230,000 in the purchase of Yerloua branch bonds,—proposals for purcliaso of » r¥eamount of tose branch bonds wore published, bat lu respouse to which, auido from the amounts shove named, nono were uffered for sale within th Pit of thu ontny dante toa (an Tae lebt capeciaily provided for fn perme and ee toward the Ghat of new cole ui the mortgage uigce tne ate jon she road covered by ‘TUE FUNDED DE! of te Culeage, Buriiugton Quincy Tatlroad Come oper, 1a its brane! My th was pe or ric oer at the date Ty LNT, tt atood, showing sn increase duritg thy year esate speed towards payment of Hoating debt and uw ¢oD> Sutin CH above diated, 8 AS the commencement of o iver Ililcoad Company was Sian aan & Mbsourl uring the year there have bee a ex pot. thebonda of tise Company py soe ty 800 have boew converted int the stuck uf thet uipany, leaving oututaudiny of the bonded fudubte Sdneie ol tho Siu of December, $4,77180, aud tive comblued fundud debt of the two Cumpanies: 27381 18, an inercaao during the your of $1,62,293.05, rom he following Wtatenient, tach from the Treas Wers report, tt will appear that : TUM ENSINE POOPRUTY 4 ee Company of every kind, aud its abilities, on tho Slat of Debembor, 1674, {n both: States, wore as follows Vermanent, fnveatmenta, bills and accounts ro cel cash, and ma- mI nud for future aes $26,000,012.76 iy we , bearing < Intorost, | Including bratteh bone... «+ 97,318,825,00 Kerip denied to pay foi ‘Northern Cross-ftoad, not benring intercat,. Monthly accounts... vable, terial on hi bill $54,065,031,07 Leaving s murpins of.. AURPLUS ACCOUNTR, Sinking fond. $1,182, 744,88. Income account, 9,045 ,01 25,128,797,63 Binking fund DB, & M, Ty Hd pratttevecssessesesse 9580049 Profit and I 3tu,340,01 Total. seeve'seees $5,028.911,73 By reference to tha atatemonis of the Troasurer and Geucral Kuperintendent, the stockholders will be ad~ vied of tho character and detatis of the NEW CONSTRUCTION AND EQUIPMENT on the road during the year, Dy thes oxpetuditurcr—$005,149.34 of which were in y Aitinois and $431,760.79 In Towa—tho construction ao- count har been incruased $1,090,810. 1, ‘Tho principal tema of thras expenditures have bee! For now track slilestrack, including cost uf stcel rail aver iron... $607, 499,00 + 105,410.00 New buildings, one 61,060.00 Excensof cost dh. on UneR, Lozomot! 319,02 tools, J ‘Aulde from expenditures at yariotts polnta upon Une, the coxt of atcel rail over fron, antl the purchase of some Lew equlptuent, rendered uvecasary by the ducteaso of business, it is expected that rome progress will bo made, during tho ensuing year, in providing suitable aecommiodution forthe paueeuyer traitic of the road in the Cily of Chicago, le number of tora of frerght moved duri ‘The whole number of tona of fremht moved during tho yerr, oxclunive of iiluots Central, Chieaga, buqiie & slinnerota, and Company freight, wan 2420, G24, an excess over {hut of the previous year of 103,384 tonr. Of thin gross tonnage there were 187,041 tons weste ward, aud 423,251 tous eastward, of through frolght, Teaving the amount of local ‘fruight, eartward and wentird, 1,800,430 tonx, ‘The grora tonnage ou the busihesw trapeported in connection with the Illinois Central Uailroad, under thelr contract with this Company, amounted to 299,312 tons, And the whole number of tons received and delivered to the Chicago, Duluqtio & Minnesots and Chicago, Olin- tun & Dubuque Roads amouutad ta 8,970, ‘Tho rates on the freight business of the year hnye been aubstantfally maintained, The averaro caruings on tho paine havo beun xt the fate of 1 90-100 couts per ton per tnile, against 192-100 conte per ton per mile in the last your, a diifvrenco of only 2-100 of 1 cent por ton per nifle, ‘Tho total Dumber of passengers carried during the The averago rato per mile, excluatyo of mileage and neaion tickets, was 30-1000 cents, as against J 22-1000 conte in 1873, ‘ho dovelopemont of bustness on the Burlington & Mixsinalppt Road and ita branches and connections, (4 shown Uy the fact that, commencing with the year ending April i0, 1870, the whole amonnt of toninge wus 77448 tuna, upon’ which there has beet a stoxdy Increane to tha prevent time, reaching, Jn the sear ending Doc, 31, 1874, 604,661 tons, ‘TRACK AND EQUIPMENT. For several years there has Leen w steady {mprove- mont In tho charnetor of the track and equipment, Regarding these as of primo importance, st has been the policy of tho Company not to hesitate fo incttr auy reasonable expenditure which might xesm nocensary to have these, at all timea, 1m an good condition as cir cumetaticca would admit, ‘Tho wisdom of this policy {6 made quite apparent by tha comparatively amall percentazo of gross carn- fngs at which (he road hae beon operated, During the year 1874, very considerable amount of ‘work wan donu tipon tho track, and the improvement during tho year has boon greater and more murked, perhaps, than in any former oue, Tho commence ment of 1843 fond the track and oqutpment iu un- usually good order and condition, ‘The Superintendents of both track and equipment ara dexerving of apecial mention for the economlenl and olfteleut manner in which they hava respectively Glacharged their several dutiva In this regard, ‘Thera havo been put nto the track, during the yoar, of ateel alls, 1n Tlinola, 62 10-109, aid in Tows 29 66-100. ralles in all 81 76-100 miles; maging the total number of miles of nicet Talla now in the track 236 40-100, Ag bee fore atated, the whole number of milas of main track 481,263 815-1000, ‘There have been constructed In the year, 19 15-100 miles of sldetrack, making the whole ber of milea of sido-track now on tho road 269-100, ‘Tho kecond track remaina the same as at the close of Iset year—61 60-100 mites, ‘There have bean ndded tothe oquipment of the roxd, siuco the Inst report, 14 locamiativer, 2 parsengnr cars, 28 box and feelght éare, 17 platfornt and coal vara, 1 conductor's aud way cars, aud 2 wrecking and tool cara, nt equipment of the Company ia a8 fol- yaines, 302; passenger cars, M2; bagyaze, {1 and oxpresa cara, 593 freight care, 4,160; plate form and coal cary, 1,714; way and conductor's cars, 128; oMcocars, 2; ‘pay ent, 1; refrigerator car, 1] tumop ears, 26; wrecking and tool cars, 6; pilo-delver, 1; hand cara, 407; rubble carr, 237, Romo additional freight cars ara required to accom. rmadate the business, In otler respects the equipment {a adoquate for present novoaaltiea, LAND DEPARTMENT OF THK DURLINGTON a MIs- KOURL. Thora have been soll during tho year 19,2928%-100 acter, for tho gross eum of $920,130.73, or ut the rato of $12.68 per xcro, and nt o cost of (2 cents por acre, aconsiderabla reduction on the cost of selling in the previous years, Contracts for 19,506 15-160 acrer, made in previous years, and amounting tu $350,041.74 lave beon canceled; no that the amount of uneold tands at the commencement of the year las been re- duced by 63,726 6Y-100 acros, At the date of tho lant report, it wan estimated that the Gompany had, of un- sold laude, 157.006 73-100 acres, “From. which ‘duduct Isnds sold during the year, and there romaina 10),- 280 04-100 nerea; while the books now show that there ‘are 105,621 26-100 acres, ‘This discropancy arises from the diticulty of Ucternrining, at uny time, the exact number of acres covered by the grant, In cach year, additional latkls have becn certide to the Gompany, while at tho same thine some tractu Bu; posed 1 ba within sre discoyerod not to bs covered the grant. THE RESULT OF TIIF GRANT ja nores may now be stated syproximataly ae fol- lown, a Ww. number of acres coriified up to Jan, 1, 1874, title to which is uudisputed..... ‘Cortiflod in 1974. eens Giving whote amount not disputed Number of acres, title to which {edi uited, but which, noverthelem, fuought to be in the Company, ‘Maling 8 total of. From which deduct amount of salos up to. Dee, 31, 1874. severe seeceeees 267,090,18 Lenves 2 balance nna0ld...cesseeee, Should theso lands soll ow rapidly fn the future ae thoy haye done in the past year, we should expoct at on oe pee couple of years they will be substantially cloned out ‘The receipts of thie dopartment for tha year have been $364,310,50, DISDURSEMENTS, $22,256,35 (309,108.45 1,010,99 FOr tarcs,..cccossseseers For ordinary exponves of tie d PATLUCHL se seereseseene, $293,131.62 hia department is Leaves a balance of, +1 000+6 A general fuauctal statement o as follows t from principal on aubslsting contracta for aslo of land, For intoreat on sui ta. ‘Duy on contracts for town lots, billy 6097 099.49 70,498,101 ablo, aud ather sources 25,087.08, Cash paid Troawurer O., 1, &Q. Ie Tk Go, for winking fund... 592,847.21 103,091.26 acres, outimatod af 923,347,00 Alving atotst Of..6sseceseveer cores so $4,059,805,78, which may be reasonably accepted as the rewult of this ant, erTiiNa eatinaated reanft ts largor than the one given fn the fornicr roport, ‘The difference ts occestoned by 4 cluding iu thiv atutement the tt sisting contracts, and vold lauds, Bom duced in price during the year, ‘This became nocessa~ in order to effect aules, The unsold lands in tl shove statement kave beon estimated a $7 per a above the cost of selling, which, in viuw of tle pric at which lauds have iltherto s0ld, will not be conal erod as an overestimate, ‘The monies rocaived from this grant arofby tho terma of the mortgage socttring the so-called Lurling- ton & Missouri Iiver Railroad Land Grant, and Kowd Mortgage Bonds, pledged for tho paymont of the prine cipal and intercat of those bonds, uf which there were Lasuod $5,033,450, Tho $33,847.21 mentioned in the above account was recelvod by tho ‘Treasurer of the Ubicaga, Burlington & Quincy Rallrosd Compauy, ta be paid over to the Trusteca tu that mort} it by them to be invested fn bouds for the greated by du provisions of the mortgage, Slut of Decomber, 1874, tho ‘Treasurer hud paid ovor to the Trustore $:59,863,49, and with this bonds for the sinking fund hed beon purchasd by them to the smount of $363,300, and canceled. The balance ro- maing in tho treasury of th Uhicago, Burlington & Quincy Mallrond Company, NAILNOAD LEGISLATION. ‘Tho + recent leglalation iu Iowa and Tlinots, fo Lowlity to the railroad futercate of | those States, has not been repouled or modiied by legisla tive action, nor iu ft likely to be at the session of the Legislature the eceut winter, ‘Theva laws, by their terms, cover both domeatis aud intcr-Htato commerce, and {¢ waa early seen that thair enforcement, If posale ble of enforcement at ail, would result in injury to all Interests, agriculturnt aa well na avory other, Hence, by geueral scqulesceuca, their provivions have uot 10 any great extent been obaerved, Ifa strict compliance wits thee ble it would not Provlulonswoi dod by tha geiteral public, nor Ly those immediately connected = with tho business of your road, ‘This kind of class te Hon hag not met publio expectation, nor commanded geu~ eral approval, a nditisnow epporent that at an carl: inust be al vision 4nd contro the limita of which sve to be oun roasouably well defined by tho courts, Upon the enactinent of ‘these Laws, it waa the purpose of your Directors to causa (heir conatiiutionsl ‘validity leated ot the carla opportuaily, Mulla were Leought both for purpose, wo of them have been subeniited t9 the court of last resort {n Illinois, tnveit, a decision fon of We large * nh ataliaticn and information na could be had, bearing un ‘TILE BUBINESS OF THE ENAUING YRAT, med that dt will at eat crop, Whit ore Ket in the wntaran of thnt soar, fn connenuence of continued low priced, is largely In tha country, and ste traueportation will fall within the buriness of (he present year, ‘The amomnt of corn and other coreals to como forward 4s large, and an inerenve in tho amunnt of ive stock may rearone a Ipexpected, The business of the presant month: will erqual that of January of Jaat year, and we know of no reagon why wa should not expect as large ree turns from the business fo 1878 ae wow realized from Auak of the year nw closed, All of witch te ferpect- fully submitt By order of the Board. 7 7 J, M, WALKER, President, —— THE PENNSYLVANIA RAILROAD COM. Al TNE ANNUAL REPONT OF ITS DINGCTOUY. Specrat Dispatch to The Chtcage Tribune. Pritapenrura, Pa., Feb. 24.—In accordance mith tho suggestion of the Spocial Committeo of Alockholdors appointed at tho last antiual mect- ing, tha Board of Directors of tho Ponnayl- yvania Railroad Company have publiehed in al- vaneo, for the information of slarcholdera, the annual report of the oard of Directors, which will bo presented at the annual meeting of tho Company to be held March 9, ‘Tho following is a full abstract of tho report: The total earnings and expenres of tha main lino from Pilteburg to Philadelphis, tuchiding branch and Jeared Hines, aud from Whiladelplia to New York, in- cluding tho Delaware & Raritan Cauat aud Helvidero Delaware Uallroad and Flemington | frauch, and from the Philadelphiy & Lato Halroad, were aa follows: — Genoral freigiita, Se AIGIG 5 pasneugers, $259,070.43; emigrant parece gers, "$229,802.19" express inatter, — $684,022,3 tualle, "$309,646.39; mnireallaneour,” $465,852.05 canal earnings of the Delaware & Ravitan Canal, 41. ‘The expenses, in- $1,320,519,25, Total, $37,586,427, 23,0 cluding all rentals, wei leaving the not 21, earnings for 1874 $14,374,078.0d, Net earnings for 1873, $19,199,651,05, Increaee of net oarninun from, Pittsburg t w York for 1874, $442,023.54; Vhiladol~ pls $619,029, rc! Erle Matlrond for 1874, Ividero & Delaware Kailroad for 1974, $1 H Actual jncroane of net earnings on all Ince sant of Pitlabury for 1474, $1,202,645.44, ‘Lhe total carning and fexpensos of tho lines wont of Littaburg operated by tho Pepnsylvanis Campany, ot controlled throug other organizations in tho tnlerenta of this (tn for tho year 1874, wero: Gross earnings, $2 923.09; expenses, including rentale, $14,210, net earnityga “for 1874, $9,140,027,01 j duct rentaia and futerc $8,200,689,04 § not profit for 1874, $944,993.43, Summary of lines cast aud west of Pitininirg? Groza earigngs of alt liner for IbT4, $62.0314,551,96 ; axponser, Including rentula, {ntercst, dividenda, ete,, $19,429,005.25 5 uct earnings, $23,615,105,97. The rovenues aud exponscn of the main tue Letween Philadelphia and Littsburg, with the branchos in the Btate, woro: Earnings, os dee Gf ig adecrenee of $49,570.41 of passengers carriod in 1873 wan 6,879,486; in 1876, 6,088,108, ahowinu au Increaue of 203,410'; the average distance traveled by each paruenger was 48 7-10 miles, Leing 48-100 Jesn than in 187! he number of tons of freight moved, including 491,473 tons of fuel ond other materials for the Conipany’s tise, wan 9,118,419 one, em bracing 4,209,337 tons of Coal, It was tho previous year: 9,909,791 fons, showing a decreace of ¥$0,372 tone, o: font 8.8 per cent, ‘Tho decrease in coal tonnage UIS.1G tons, The actual cont of operating the rall- roid, dncluding bratich Ines, for 1874 was 69.49 por cent ‘of receipia, aud excluding branch Ines, 84.25 per cent of tho receipts, ‘The earnings of the united rail- roads of Now Joreoy and branches of tho Philadelphia & Trenton Mallroad, in all 276 mics, wero $4,700,04 expenses, $6,390,030.52; net osrningd, $2,370,935,04 ¢ the whole nnmber of passengers carried in 1874 wan 7,837,17, and in 1873 wan 8,U0),013; showing 9 de- crease of 4120, or about 2 percent. The average distance tr by each passenger was 21,1 miles, being 2-10th of 8 mile mora than in 1873, Tho number of tons of freizht = moved, in- cluding 190,49 tons of fuel and: other tuaterlul for the Company's use waa 3,467,052 tons, embracing 1,521,474 tous of coal, It wus, the previous year, 1,051,577 tons, showing sn increaso of 416,175 tous, or shout 13.64 percent. ‘Tho actual cost of op- erating the United Railroads of Now Jersey, including Dranches, deducting transit dutics, rant of connecting rallway, and {uterost on property, and excluding the Belvidere Division, in 1874, was 69.20 per cent of the recelpts. Tho csrnings of the Dolawara & Raritan Canal wero $1,20,519.233 expenses, $70,841.01 % not earnings, $552,102.69, ‘The earntugs’ of the Philadcl- phia & Etlo Mtailroad 1n 1874 wero $3,506,019.28.0r about $12,176.40 per mile of road $1,068, 786.97 5 $128, crease, $64,029.91, The whole number Ot famtengers carried i 181 waa T7273. aod in 1874, 680,163; showing a decrease of ‘07,110, or about 123¢ percent, The number of tons of freigut moved, including 146,207 tons of fuel ond other ma- terials for the Company's use, wus 2,339, embracing 800,036 tone of conl, It was, faxt year, 2,056,234 tons, xhowing an increase of 33.14% tonn.or over 0,5 per cent. Thero lave been laid the on tho main no — 10,423 atoel rails, and on the several branche: and eldings, 627 tons, all of which haya leew charged to operating expenses, Up to tho lst of January, WIG, thero bad heon laid in the main track of the main line, 76,120 tons, or 725 miles of ateel rails; in main. tracks of Wranch roads, 1,5¢4 tonay and in third and fourth tracks and sidings on tue main lino and branches, 5,887 tong, beluga total of 84,791 tonw of ateal railu now i During 1976 there will be la{d a sufticient amount. 4 addition to sore nlele the entire double track of the mein line from Philadelphia to Pittaburg, During the summer of 1874 a meeting of tho officers connected with tha threo trunk nes, the Now York Contral, Hrio, ant Pennsylvania Mtallroada and thelr Western connections, waa hold at Bzratoga with a viow of cnduavoring to aboliah all cominixsions, agen. cies, and outside oxpenser, and thus effoct vatuable economics for all lines, and with tho further object of eatablishing a Commision, to bo composed of three foutlemon famillac with raliway trate, but diainter- sated psrites, In no way ofllelully counosted with cither of the campanies; itis Commission to have power to make auch moderato rates from tine to time aa world be roseonable and just to tha yubile, aud give in futuro equal ‘ond uniform rates fo every aninpor, | Tho Commissloners sclected for that urpors liars promptly, performed the duties asatzued thom, and with strict dinpartiality as hotween preter, ‘Tlie arrangement promined goal remilts to both the public and the companies, ‘Tho ofticera of tho Baltimore & Ohio Railroad Company, while declining to name ® Commiuioner and ontor into the arrangomont, did agreo that they would abol- {uh all cominisvions, drawbacks, and ageuicies of every tle kind, and that the rates so mat from time to lime should be thoroughly adherod to hy all thelr oficera and szriite, with the adoption of this couservativa policy, ‘There can bo uo ucation as to Its bonoficlal results to slippers and traneporters, and perhaps no better evidence can be given of tho pazpote ‘of tho Company to give its patrons under the Commisalonera tho most complete facilitiés at low rates, than the fact, already atated in this report, that ils overago rate of 3.255 cents por ton per mile for moving traMla in 1474 which ineludes all classes of freight, throveh sui local, oat aud west, and was much below any previoun charge for like services, the averags rate on enat-Lound, throug freight tratile, which tcovers the tranaportation of the produce of the West, including live stock and property of higher classes, inying been Dut 883-1000 of 1 cont pet.tou per mile, Not unllko qusny other proper reforms, the one refcrred to hae had “many difteultics to contend with, and, aince the of the ear, some ditterences Occurred between ‘the Maltimoro and Olio and other companies, It is ta de hoped, however, that, with 2 thorough understand. ing of overything pertaining to thin question, proper resnita may be arrived at, and the Companites conduct thotr,Dusiiess with that barmopy which ahould at all times prevail, ‘Tho report of the T:xamining Committee appointed at the Inet annual moeting Ja referred to, und. i js wtats ed that many of their recommendations haya been careiod snte effets - to the death fhe report then refors to the death of President Thomson, oud uns thls refereveo to preparations for have ‘The Centennial Exhibition for 1876 promises to ex- eced the unticipations of {ts must sanguine frienda, To mect the Jarge udditfonal tratic witch it a televod ‘will pany over your Hines, your Company will, during tho current year, lay pu oxtensive myatem of tracks i conneotion with the Contennial grounda aed butldings, and provide such othor facilitiss au will onable It lo Dromptly handle ootle the freight and parsmnger busl- ness that may come elther entirely ovcr its own rocds of roach the grounds over its trucks froin other lines centoring iu Philadelphia, es DETROIT & MILWAUKEE, PLAN FOR THE GEOUGANIZATION OF THE COMPANY, Special Dispatch ta the Chicaga Tribune, New Yong, Feb, 20.—'T'he Now York represant- atives of the Detroit & Sfilwaukoo Railroad Com- pany, at No, 602 Broadway, havaaubmitted a plan for tho reorganization of the Company. ‘I'hia has been prepared for the information of tho bondholders by order of tha Hoard of Diroctora, ‘Tho olrcular containing the plan is addroasod to the holdors of the frat and sooond and funded coupon bonds, aud Ia as follows: The coupons duo upon Louds the 15th of November, 1873, could not be pald, and thowe falling dua the 15th of Stay and tho 16th of November, Itt, are alia ‘une pald, Tho condition of the road, fiusucially and Physically, provente all Lope of ite Being uble to meet ts pressing engugements, The Fou did wot meet ibe regular coat repaira. during tle year owing ta de preaved’ trade, ent — partly i consequtouca 0, Sf"heavy outlays for steo) railv und repairs of olliny- stock for 1874, If all royaira, botls to road aud rolling- Block, that ought to haye Led effected, bad heen done, ihe result would have been oven worse than in 1873, ‘Tha pressure of the Noating debt was av grout that hu Mast urgent outlays had to be suspended, The Teoeipts in 1867 woro upward of $1,700,000, ut this wad an oxcontionally high trattic, ‘In 1y7t they had felten to $1,150,000, ‘Thla hes arlacn from several caiwor. Ju Wie interval now railways have been constructed, running across your lus and ob structing some of ite traltic, ‘Tho panic in 1873 has Largely affected all sally: trafilc ou this continent, Your lus, from tinauclal difcultio, hea fallen foto a state of considerable dilapidation, Its rolling- stock from the sanie cause has not boon’ reviewed ur ducreaved, aud in comfort aud efticiency fs inferior to the railways with which it competes. It requires st ouce new ongiues and passenger cars, additional frelght-car stock, and two-thirds of the lin requires Telaplog wilh uteol ralls with as Uttle delay as ponalLie, Without these exponditures, whlch will requizy, even atthe presunt low ® cash outlay of near. yy $1,200,00u this year, the = road taut more repldly depreciate physically, and becomes SATURDAY, FEBRUARY 27, 1875 $547,291, including mortgages for #10: Upon which ite Detroit station shops aro built. The amount of un- y.nid canponn tothe lettof January, 1k78, t1 S109, ‘The prosent mortgaged amount to $7,017,001, Tt 10 vumply imposalt.to that the road ean live under much a Toad of dest at tho high raten of interent, Negation Eave Leen in progress for rome: time with the Great Weatern Company, Who are the only parties who have the willingness ‘or ability. to “help “ua in our present Untorturately, the whieh have wa alen been holders refuned to eoncur in cerlatn measures Prapoeed to them for the rellef of thin Comminy, and a uew Board bas tately boon elucted, ‘Their Chairman, fhe Rt don H.C, E, Childers, apent some tine ii wiraita. this country, tnd dist e whole quention fully aud frankly with our Board of Directors, — Binch Ile return to England he has heen In comtaunteation with the bundtolders In that oauntry: (who hoid upward of haif of the wholo amount of first, sceoad, and fauded eoupoun of the Detroit & Milwankee ‘Com. pans), and haa now inade the following ofier to sit this Compeny fa dle present most critical condition, viz. that tha Great Western Company wil alvance the’ money required to pay of tho present floating debt of $537,291, and renow the line with ates! raila, and pnt new ‘oqtipiaente upon it to tha exjent making a tata of €1,737,2)1, new bots, W provided the bondiuiders wil ization of the whole mortgage ¢ firat, Recond, ani funted eaujoo 7 0 hold an aggrogate amount of $4,805,- Gtv, to murrender thelr bunds, with all interest, for'new bonds ut 90 per cent of the par value of their prencut bonds, bearing roterest from eb, 1, 1875, for the frat year at pee cent, aut the fullowing years atGyer cent peranunia. ‘This would require un ie sue of $4,035,076 of bonda of Beptomber, 1854, to be surrendered, aud recelve 69 per cent of their faca an new bonds slinilar to the above; 00 Htreet- Douglzea bouds to be aurrendend, ond ree colve in Men bonds similar’ to. the stove at 10 percent of thelr par value or $170,200; dia halanco of isguo to be delivered to the Groat ‘Westorn Company, for which ft will pay the preient flouting debt and provide stew ntrect raila and ruiling-stock, Muounting to $1,719,721, imakiug a tatal of $5,020,000, for which new miortzage will bo created, date! Feb, 1 1n75, having forty yearH to rum, fnterest upon this mortgage tube, for the frvt year, G rer cent, and after wards G per cent per anniun for thy remaiudee of (he ferm of tho moriynge, ‘The raortgage inst provide that thore shall bu no foreclosure or other heal pro eced{nge taken for any default or delay in paying the futerest for tho fist three years, This {# tircussary fo cnable the road to recover lust ground, Dat arteare, if any, will remain a charge "upon the earnings, ‘Cho Great Western further’ ayrree, if this rearrangement is adopted, to take a lease of tho Detroit & Milwst Railroad, snd work it at cent of the gross earnings ia wach year, thus sec to the boudbolders 90 yer cent anuusily of whatever the tariff aay be, Ib will requirs the whole of this yest properly ‘to renew aud eanip the fine, und “placa it fun position to earn money, Hence tho intercat for thin ycar is placed at G percent, It ts tclieved that, with two kmall prior mortgages of £700,000, the road cannot live undor # heavier load thuu $0,000,000, innking the total murtyage dobt $6,700,000, aud requiriug an nunual payment for ‘interest. from the tet of February, 1876, of $410,000. To earn that amunnt, with the working expenses gusranteod by the Great Weatern at no inore than 70 per cent, will requlze & grorm tralla of about §150,00J, With the Huw put into proper repalr, ant with 4 suMicient sup ply of rolling stock, equal iu comfort to oltor Ines, 1 HW ialoved tat ute tratligmay by obtaued ‘the bit aubinit this rchenio to tho Loudloldars ay the best that circumatancsa will permit of, Tho necessity for obtciniug upwards Of $175,030 to pay of the floating debt, nud to put the Hue and rolling-stock ia order ie imperative an-t mont urgent, ‘Tho Great Western Company oder to ailvance this money when no one ele can or will do so, If delay or opposition is encountered, there is no other courte but foreclosure of the mortige, and the uppoiniment ofa Receiver, In thnt event, mony veara munt clapeo Lefora wuiticiont profit can be carned to yar the fost: Jug det, and to properly repatr tha property, In the end, there would be ® xale by auction, and @ pro rata divioud of the proceeds, The Enghebl bonéholders have ngread to this tan, and they hold upwards of one-half of the onda, ‘Lhe congolidated and escond mortgago bond- holders of tha ‘TOLEDO, PLONLA 4 WANSAW Railroad held » meotiag yeatercay a: Broxdwav and Exchange Place. ‘Tho purpose of tho mevt- jug was to discnss the question of the rourgani- zation of the road and to protect the interseta of thon concerned, It was resolved that Charlaa L. Frost, Rush C. Uawhkiva, and J, Belknap be oppsinted a Conunittes to propose a plan of raor- ganization of tho Company. —+ MISCELLANEOUS, MOSTILIT Tho war between the Pennsylvania and the Baltimore & Oblo Railroads {x stilt carried on as vigorouely aa over from all points Haet and West except from this city, where the Salthuoro & Ohio baa momceutarity everything its way, Bat it is understood that the Pounsyivania Hail- road will fall in¢o lins Monday to all pointa in the Bast, meluding Philadelphia and New York, Thore is also x probability that tho reduction will be stil! lower than that made by the Balti more & Ohio. If this turns out to be tras, it will prove a hard blow against the scaipers and apeculatora who have putchaved a large amount of tickets at tho present rates, ‘The Baltimore & Ohio allroad is now selling tlekets through to Now York at $15.95, having yesterday recolvod a large stock of local ticketa from Philadelphia to Now York, Tho froizht rates from the West to the East also bogin to shake. It Id claimed that tho rates sre being fearfully cut from ali the Wostern crosspoluta and from Indianapolis. It is eaid that first-class freiguts have lately been shipped from tholatter city to Baltimoro at 30 cants por 100 pounds, whilo tho regulur rate ig 75 conta. If this report turns aut tobe correct, the rates cannot bo malutained much longer from this city, asunder such aatate of afsirs both tho Michigan Bonthern and Michigan Cantral Ral- rouds would suffer very woverely. ‘The Dalti- more & Ohio and Pannsylvania Rnilroads can pond this, as they bayo both Soutuweatora out- ats. 3 Tectors, ‘THY PEORIA & ROCK ISLAND Railroad has grextly improved uvder its now managoment, During tho laut month the grone earnings of the road hava largely increasod, without a corresponding increase in oxponil- tured. ‘This road is now making a big effur: tor the trado of Terre Mauto, Evansville, Indianapo- lis, Cincinnati, Louisville, aud points South and Bouthweat for all pointe in tho Northwost. Convequontly it has issued tho followlng low tariff for freights originating at tho abovo- named pointe : ‘From Peoria to bd THE ILLINOIS CENTRAL, ‘Tho following circular in regard to cbangos in tho classifications of tho Ulivois Central Rail- rosil has just boon issued + Cuttcaao, Feb, 25,—7o .tgents > Trunks,reloased, wit be taken first-claas, Chairs, aud all kinds of furniture, releasod trst-clana, Bweet potatoes, in car-laida of 16,000 pounds aud over, from ono shipper to ssnia cone aignoe at same station, G cents per 100 pounds aliave wheat rates, Fifty barrel and over, and less than carloads, fourth-claes, Lena thun fltty barely, third~ i. Wa winh our curs to bo used aa Touch as poss! order ta save tulleage, Whonever they may bo iz | 90 | 99 dle Jaded they will bv allawod fo run through to deat! few fe scut to any Line the allpper may desiguate for eaurfer, THR NURLINGTON & MISSOURI RIVEN NATLNOAD in Nebraska bas comploted arraugomeuts with the Chicago, Burlington & Quiuoy Ruilroad by which, uutor certain conditions, all grain for geod for the grayshoppar-suiferora living con- tiguoua to the livo of the Burlington & Missouri Rivor Railroad in Nobraska will bo shipped over thelr ronda without any chargo to shippor or ro- eaivor. Yhe Chicago, Burlington & Quincy Railroad penetrates a largo poriion of Ilinoly and lowa, andthe people of Nobrasia whoso friendd do not live near the line of that road can bare thair shipmouts mado go as to etrike that roud at tho nearest possible point, ‘The re- xponsibility of guarding against imposition has boon placed upon the Land Dopartmont, and henco all shipments must bo addrossed to the Taud Commissioner of the Burlington & Missouri River Railroad, giving the namo of tho person for whom tho shipment is intonded, aud tho destination, Granger’ socictiog in Nebraska obtaining aup- piles of cod from Grange soclotios in the East cun take advantago of this frco sltpment, BTATIBTICH, . Tautinone, Md., Feb, 26.—Tho stockholders of the Northorn Central Ruilroad met to-day, when the annual report way read, showing tho total recoipts for 1874 to be 4,050,000 ; expens wos, $3,931,553 ; not carningy, $1,292,046, ‘ho cutiro Board of Diroctors waa re-clected, and iuine ro-olocted Col, ‘Thomaa A, Scott Preal- ent. INDIANS ITEMS. Speetal Dirpateh to Phe chieano Tribune, InviaNarouts, Jud., Fob, 20,—Au important suit iu chancery hay boen fled in the United Ktatea Circult Court of this District, complain ants being tho Pittsburg, Cincinnat: & st. Louie Railroud Company, aud the Colunbuy, Chicago & Judiaua Central Railroad Compauy defoud- auts. Complainants petition to hayo the lease oxivting between tho fbady anuulled by reason of tho alloged failuro of tha 0, C. & I. OC. Road to perform tha axreement ontored into when tho leaso wag effoctod. They furthor ask to havo a Rocoiver appointed to take posecesion of tho road and operate it under orders ot the Court until a final decree, Jamoa A. Hoogeyolt and William 1, Fosdick, Rocoivers of tha C., 0. & I, aro made parties defoudant to the sult. It iy uudorstood that the property, and fran- chisos of the Indiana & Etlinola Contrul Road will vo sold at Bherifl's sale noxt week, and bo AFFAIRS OF STATE. A Savage Cutting Down of the Wil- nols Appropriations in Senato Committee. Passage of an Important Interest Bill in the House, The Proposition for a Meadfess National Government Again Heard From. Insane Extravagance of the Officials of the Lunatic Asylums, The State Bonrd of Equalization Getting Many Hard Kuocks, ILLINOIS, HOuse, INTEUEST DILL, Special Diepat-h to The Chieara Tribune, Sruxarincy, Ul, Feb. 26.—Tho House thia morning took up and passed the Forelgn Corpo- rations Interest bill, designed to enable foreign corporations to recover ou lanne already mada, or thot eball hereafter be mavle, the rate of iuterest allowed by thejlaws of this State. The Dill as amended and sent to tho Sonsto 1s a8 followa: At.t for an act to amenit Bc, & of an act entitled “Au act to ravite thi interest,” approved 3 4. Brertos 1, Hott ple of the State of Mlinols, represented In the General Asxeinbly, That Soc, # of an act cutitled “An act to reviee the law iu re- Intion to the rate of futerest,” approved March 25, A. D., 1874, bo amended to read ag followa: “Src, 3, When any written contract, wherever psy- able, shall hnve teen or shall be mady 1b this Slate, oF botwWeen citizens or corparation® of (hiv State, ora. cltizau or corporation of this tito and a citizen or corporation of any other State, Territory, or country (or ahiall be recured by mortgage or trust-deed on lands in thin Blatel, such contract may bear ony rate of interest allowed by law, to ba taken or ea fracted for by persons or ‘corporations in thin Bt Vrorided, however, that such rats of interest sluall not excced 10 percent per sununt; and if any such persou or corporation shill eautract,or haa contracted, tu recelve a preater rate of Interest or discount than 10 Per cent upon any Kitch contract, auch person or cor- poratiou shall forfeit the whale of said Interoat so con- tracted! to be recelved, an:t shull bz entitied only to re- cover the principal eum due ta uch person ar corporde ton, of waieb ia or inay ti allowed by luw ou auy con- travt for money due or owing {u thia Stato,” Hec, 2, [EMcnaency.] Wheren, by rearon of an qxiatlnig ambiguity in Heck, # and $ of the nct approved 3 5, 18r1, above referred to, a nucessity exinte for Shin act to take oflect inmedistely : th-refore, thie act suull take affect aud be in force from and efter its rasoage, SPECIAL, LEGISLATION, Tho Quincey Court-Hauzo bill, so amended sato make certain that it applies to no other place, was (akon up and passed, THY ACEPIALOUS AMESDMENT again brought to the notice of the House by a notion to go Into Comumittes of the Whole on Wednesday ovening noxt. Those who had hoped the last had boon heard of tho Acephnlousliiocy hod not duly estimated tha irresistible forvor with which the etatesmon hero assembled grasp any aud every opportunity for epouting oratory. Whon tho ayes and noca were called the motion waa carried by 75 to 57, and on Wednosday even- ing tho stop-cacks will ba oponed aud theoratory will Dow. ‘TAXING THE CAPITAL OF ALIENS, Asan offaat to tho Foreign Corporations Interest Dill passed, Wood introdnced a resolution, which was adopted, inatructing the Judiciary Committee ta roport what legislation is nocoasary to enbject to tnxation tho movays of foreign corporations and capital loaned in this State in the same man- uer that tho moneys of resideute are taxed. A STATE NOARD OF EDUCATION. ‘Tho Commitsce on Stats institutions reported @ substitute for tho bill providing for the catab- lishesent of a State Board of Chatities to control all State charitable institutions, The subst provides for the catablishment of a Stato Li of Education, to consist of threa wombors from gach = grand Judicial) —_diatrict, appointed by tho Governor with tho concurrence of the Beuato, the Hoard #o cou- stituted to have control of tho Industrial Univoraits, and the threo Normal Schools, INANE, ASYLUM EXTRAVAGANCE, The aame Comrittcc wil! shortly report, recomimonding & continuance of the present Stato Board of Charitics; alao, recommending the removal of tho architect of the Southern Iusane Asylum, Against him they charge mig- conduct in ordering for tho buildiug locks patonted by hin brother-in-law at £1.75 osch, whon better could have beon obtainod at 25 cents each, hey also roport that the Commieioners of that Aaylum required stone for the building fo bo takon from « quarry 3 miles distant, when aqually good stone could have beon ob- tained within a few buudrad yards of the build- ing; that the ventilation is defective, and the beat portions of the building. and too much of it, ja dewignod really for occupancy by ofticers and omployes, ‘Tho report recommends the dis- bought by # party ready to fiulsh the line from Montezuma to this city, chargo of tho Commissioners, As to the Jacke sonvilloInsane Asyluin Committea, tha report utatos that, as in most othor of tho State chari- tablo institutions, the logant and Inzwious fitting up of officers’ quarters ara inmatked con- trast tothe cheerless condition of apartments asrigned patients, anil dwoll upon tho extrava- waut style generally of tho latter at the exponse of the Stato, _ SENATE. COLLECTION OF TAXES. Special Dispatch to The Chieaao Tribune, Srnrsoriexn, Ill, Feb, 26,—Arntzon'y pill to facilitato tho collection of taxes, naticod in ses torday's dispatchoa, was recommitted to the Ju- diciary Committec. This is In cousoquenced! s feoling that it anmmarily cut off just right: o? tax-payera nocesgary for thoir protection sganst unfair speolal assevumonte, THE BOARD OF EQUALIZATION, ‘Tho bi} abolishing tho Stato Board of Eqnal- ization and devolving the duties upon the audi- tor, Attornoy-Goneral, ‘T'reasurar, Secretary of State, and Governor, without additiona! com- pensation, was roported back from tho Jediciary Commnittes, with tho recommoniation thit it bo passod, MaID KcoNowe The Appropriation Committe reported back tho General Doficionoy bill, with the recom- micndation that it bo talled, which, after somo debate, was coucutcd In, This was in pursuance of the Opposition caucns- Programmo to cut down allappropriations to tho anta-War basis, The Conmittoe will, accord- ingly, report cntting tho contingont fund to $10,000, to be expended mly for tha anforco- ment of the lawa and prestvation of order; the Governor's Clerk froin 8,500 to $1,500; the Gorornor's sllowanca for postage, etc, from 81,000 to 8750, and atrikiig out the allowance for portor aud moasenger The clerk-bire and incidental expensos of ti Sccrvtary of Stato'a oftice aro reduced to €6,£0; ditto the Auditor of Btate's oflcoto 5,900; dito tho State Trossuror's ofice to €3,000; ditto ro Public Tuvtruction Huperintendont’s oftlce, £1,500. Tho itoma in ~TWELVE PAGES item for Commiasionors of tho Btate Library is ntrickon out, ——— CAPITOL NEWS, THE BLUNDERS OF TI BOARD OF EQUALIZATION, Spectal Inavateh to The Chtenan Tribune, Benixarinen, Fab, 26.—The movement for the Abolition of the Stato Board of Equalization will ho Wastened by the following oxhibit of the inoqualities of their equalization, which has beon laid Deforstho Ifousa Revenne Committeo! In 1872, unser tha systern of pirtial valuation, lands, townslote, and personal property were equalized by the Htate Hoatd of Falualtaation at $145,427009, In 187d, ater iia Anan wales ut Kreatly reduced nals Dy the Bate Boi Buln Oe Ue dnerined by the wu in the mudeof valuation, 174 per cent, ik increase wan to be aint Board on the propery in the Biatertts OF Hee Bu cmmbers of tho Hoard, represen z ogializd iy turn, arintntsig to Tene At obec af 8 property o! 6 tite, equalized the y thate eountion below tho Bt le average advance ‘One county represented inthe Board, that ‘was ane senned lu 1874 ot €2.410,514, oF 53 per eent abovy thelr equalization was reduced iy the Btste Board 21 per cant, and, a6 eqhatized, contributed but 4 nar tothe’ general tnorease, white Lake County was ¢ to contribute 133 Ler cent to that {nerenge, ‘One county renresented in the Board wan axcernet, in 1474 $5,141,787—24 per ceut below the oyuclization of 1873, war Saereazed 119 per cent, and, as equalized, contributed BOY per cent, while the property in the Seventh Congressional Divirict wes made ta contribute 142 ter cent of the goneral increase, ‘Une county represented in tha Hoard that was na asancd $4,670,869, or 125 per cent above tha enualiese Hon, and 2 per cent below the average Incresna, war reduced 20 Jer cent, and, as equalized, contribute: 60 rr cout to tue general, increara while the rroporiy Inthe Eleventh Congresstonal District was inadot crntsibilte 121°7 per cent to the increase, oH county Teprerented Inthe Buard nesesscd at $4,512,792, or” 83 per cent above the eaualization of “td, wan fucreaned by the Hoard 1 per cont, aud, equalized, contributed 4 per cent, while Logan Coun- ty contribute 154 per cent to the inereare. Nino Congrerdonal Dintricta aro made to contribute tothe general inereane from 11 to 80 per cent more than the counties in thess aiatiiets that were repre- sented by embers to the State Board, The Nineteenth Congrestioual District—hy the Btato Board equalization—war made to contribute 45 jor vent; the Eighteenth District, 54 per cent, the Sev- enteenth Diatrict, yer cent; the Hitteenth District, AO percent; tho’ Fifteonth Dintrict, 65 ner cout: the Fuurtcenth District, 119 per cent; the Thirteenth Dla trlet, 129 per cent; the E.eventh District, 131 per cent; uth Datrict, 116 per cent; the Boventh District, 142 percent; und "the property tn the First, Second, and Thirt Districts, 251 par cent tothe general tne crease iu 1674 over that of 1472, + Under (he present revenue aystem the Slate Doard of Equilization are to assess the property of railroads wud capital alock and franchines of esrporatiana, ‘The forty-five railroads that reported to the Railroad and Warehouse Commission, report an tnvestiaent Tepresouted by vapital stock and tudebtedneas of $5it,- 453,411, which lias been inverted in tho constriction and eqitipinent of 7,934 miles of main tine, and 4,819 miller of brauches, oF a total of 12,854 taller of 6,759, or those than one-half, of which ts the of Lilinols, of, ay, a valuation of abont $400,000, There Cémpazice report “excess of rocelpta” over * operating and current expenses” of 39,570,131, oF about per cent net jucome on the whole juvestnicnt, The State Board of E yuailzatlon—that found ee much fault with the anecarment of the property ef Cook County hy the lecal Asseasura—ansesved thin property at $31,707,49i—or about 27 Ter cent of the value at het pays a net 6 per cent income on ita full In “idid thoy asaesgod the same property at $10,529,693, DOTNLE TAXATION, Whether tho inequalltr—grovser than any chargeable to the Board of Equalizstiou—of tax- ation of property of manufacturing and other fncornoratad companiou, and then taxation” of the capital vtock which represoute that property, will bo abolished, ie problematical, With all hig protestations of desire to havo all property tax- ed cqually, the average legislator favurs nothing more than taxation of everybody and overstbing which will rchove his county and put the burden on somebody else. When the donble tax: contrived and nzcomplivied through tho capital stock assesment contrivanco is brought to hia notica, ho discovers ali norta of ennutitutional points, sud discovery other obstacles innumer- able. As a last resoit, when there ia novo other, the avort legislator jnuinte on the cavital stock suscuyment for the bake of taxing tho raileoada; and, under the constitutional provision ag to equal taxation, le will tell you, in order to tax raitroad capital stor all other capital stock must be taxed. ‘I'e pri tical result is that the capital stuck of manif: turing eamnpanies. which represents simply prop- erty itself taxed. bears a far greater share of tha burden in proportion to the capital invested than tha railroads. Possibly the averago legislator may bo brought to 8 sense of the fairnors of taxing all property alike, inatoad of taxing part twice, in which cvent thore will ba prospect of repeal of the captal-stock assessmout provis- jons of tho present Ravenua law, MERNITT'S FIGTRES | ap to tho exponse ef the Lxecuiive office, which arg publishod aa a1 Opposition-Iteform arraigue meut of Republican extravazance, ate ay fol- lows: During Gcv, Yatoa’ administration, four years, $150,032.47; Goy. Oclesby’s, four yoars, #131,809 ; Gov, Falmor's, £50,600; Goy, Bever- idye, S146 635.05, Ifo the lattor amount wag foot- od up is onoof those “ussite no fellow can nnd out. Aw wtated it Tu ++." currospondence, Mer- nitt's dzires did uus x 2 tures ag to tho ex- penses of the Txov ottice under Gov, Haveridro’s administration. That statomiont was based spon an examiuation by Tur Lainuwe core rospordent of Morritt's flirures aa wont to tho clerk's desk to be read. and is confirmed by an examination of the same this mormiug at the prindog-ollice, where it 14 being put in typo, Tuototala given by Merritt were, if all fands placed at tho disporal of tho Governor, and whit ho may hova tuctuied undor that head, is no easy to find out, ‘he funds pxpoudad by orler of tho Governor, whieh includo all that wa in fact placed at bis disponal, and much nore, aroas follows: Executive Mansion fund (ro- jaire, fitting up, laying out grouuds, furnishing Executive itausion, etc.), 219,301 ; telegraphing, clerks, messengers, ete. $17,416; ofice ax- penses, 62.242; Fund Commissioner's clock, $2,400; total, $51,008. In this luster amount ore included all payments on tho accounts stated from Dec, 1, 1872, until Dec, 1, 1d74. It will be ween that they included the Jase month of Gov, Palmer's administration. ‘Lo this may bo added, as funds expended on the Governor's order, tha cantingont find, 12,409, and expenditures for apprebonding and roturminy fugitives from Justice, £10,255,47, and for all these expenditures tho propor vouchers are on tile and opon to publicinspectian at tha Auditor's oflica, MN, NESING AGAIN ON THE RAMPAGE, A, ©. Mexing, ef Chicago, who last epring in this city insulted some ladtios who wore visiting a suloon where ho was taking glass of beer, the ladies belng on a temperance mission, did a little leas outrageous thing to-day by ausaulting the logivlative correspondent of tho Poxt and Mait with vilo opithote and throatoning worda, ‘ne cozrogpondent in question in about the size oof §=(litthe «rank, whom Hering wo manfally pummeled in Chicago. ‘Tals even- ing Heeing wus arrested in lis room at tha Lee Jond Hotel and taken before Juatica Brock, who hold him in bonds of $100 to appoar before tho aud Brock noxt Thursday, at 11 8, m. a. We Bunn was his surety, Hesing and tho officer who had him in chatgo wore followed by a largo crowd of men and boys, who seemed ‘to enjoy tho divcomilture of tho Bouw. OTHER STATES, WISCONSIN. LEGISLATIVE PROCELDINGA, Special Duspateh to The Chicago Tribune, Manson, Wia,, Feb, 26.—There wasa rather novel featuro in Wiscousin legislation in thy ac- tion of the Assembly thls morning on tho Railroad Commissioners’ Dill rolativo to railrogds and tho organization of railroud compavies, Tho Ausembly having gona into Committeo of the Wholo on tho bill, the Railroad Commissioners wore invited byaresolution to orplain their Proposition, In response, Commissioner Hoyt, btanding in frout of the Clerk's and reporters: iteaks, spoke at considerable length, and with much clearnogs sud forco, olucidating tho geo- eral ideas involved in framing the bill the cusimates of #5, for clerk-hire, aud tho oxpensos of the State Board of Charitios, and 9,000 for tho oxpones of tho Stato Buard of Equalization, aro etriken out. Tho appropri- ation for printing-papr is cut from §30,000 to €20,000; the Centra! Grand Division Supromo Court, to dofray tb exponsos of removing records, etc, from @500 to ¢200; the public printing frm $30,000 per aonum to. $25,000 for .875, and @10,000 for 1670; publio bindhy from $10,000 to $5,000; Tho item of €5 poday to tho Commiusionors building tho Southru Insano Agylum, and the allowance of four initons and two watchmen for the new State-Esuse, are stricken out; tho extra clork-bire foro Ratlroad and Warehouso Commission is alsqut off, aud tho $10,000 for tho expenses of sus and investigations jucur- red by the same is edaced to 5,000; the $3,000 for the apprehet:ou of fugitives from justice is struck out, loaviy tho sstu to be paid out of the contingent fud. Yor Copying awe, ae naly, ate, the Gerral Assembly from €3,(h0 to $2,000; tho printe's oxporg from $0 por day to $0 porday while rtually engaged as such, tue whole not to exeed §1,000 por snow, The ’ | so aa to socure protection for the peo- plo and deal justly with the railroads, and showed tho intent and effect of cach section. Ho also auewered satiufactorily numorouy questions by members, Commissioner Osborn followed with a fow remarks, espocially on the featuro providing for finding the valno of rallroad prop- erty and limiting thu rato of earnings, mo- tion for roforcnoo was refused, aud recess was taken tilt cyaulng pouding further action, Amoug Qher Awsumbly procoodings was tho ordering tow third reading of tho bill to pay tho account of atiornoys prosecuting claims under tho Potter hw not over #15 a aay ; indotioitoly postponing by a largo mujority » resolution to ratify the amendment tothe Constitution pro- posea last whiter to amend tho Voustitution 6o as to havo only tneuulol sesuious of tho Logislaturo, which, oa tho Sonate bas takon similar sction, disposes of that proposition for somo yearr, tho chief objection belug the oxperionce of last yoar {iu raliroad legislation, showing the importance of auoual yossony, ‘The Bensto, after protracted del Herry, Hackensack, au te, killed she | ors. bill for the publteation of ropoits of the Geolog- jenl Survey for two years under Prf. Lapham, which pleco of injristico was earnestly depro- & cated hy Hanator Davis, of Rock. Sonator Baker, of Itncino, offered a resolntion that, wheroug, from the roport of the Board of Charities, nnd other sources of information, it Appeared doutttul whother tha Stats Privon could ho made nelf-extpporting at Wanpun, at it is probable that it could bo if located nent somo larga commercial centre, and swith row matorial and coal more accossiblo than nt the present location, tho Governor, Supreme Sudy: r, And the Doard of Charities bo mado ® Comin. sion to inquire and report to the next Ley ture aa to tho erpediency of removal, aud {Ie selection of somo more desirable sito, will a view of using the prosent prison sa on ssyluin for the incurably insane, Asvombly bile were cononrrod in, matnly locsl, among them: To atnend the Gamo law; to pro- vido for tho Incorptration of trustees to hold property for reliziowa purposes in certain caey toamatid tho law of 1373 relative to appeals from Juatice Courts, requiring the election yen ly ofa fall Board of Directora of the Chicago, Mik waukoo & St. Paul Itallway Company 3 to rendea women eligible to acbaol ofticos, ASenate bill passed appropriating 31.000 te the State Praon for a doficioncy in. current oxpoensed, and a Lill providing that graduates of the State University should be entitled te State teaclers’ certiiivates aflor one year's wuccesaful touchliy, — INDIANA. THE CANAL: Svectal Diapaten ts Phe Chisaas Tribune, Isptssavouts. Jud. Feb, 26.—In the Sonate to-day, the Special Committee on tise Wabash & Erio Canal aubmitted a roport resfuring the con- dition and importance of the canal for trans- fortation. ond suggesting that the counties through which it passes vate such aid as will Placa it in first-class condition for busincas. ‘They do not ask the State to grant Qaubsldy, ag haa been auggosted. Aw to tho suit pending in (ho United States Court by certain reripholders, thoy believe the canal will be ordered gold, and, to provent the railroads from buying up and tle lowing it to deteriorate, recoinmend tho pausago of two billf, ono to repeal the lav allowing Railroad =Companiea to purchase canal property, and the aothor to au. thorize the organization of a privata company to ‘uy and manago the caunl, Iu view of a prob- able emergency to ariee during tho recess of tho Legivlature requiring tho actioa of the Gover. nor, a resolution was aubmitted providing thet arpecial committes of tho Sonate and tho Stand= ing Committee on Canals of tha House niect at the hall of the Governoy to conyult in respect to the interests of the peapio in the canal. By a voto of SL to Y the Senate laid the resolution on. the table, deciding that the Btato should ust to comnutted fn any way tothe canal suits, or to bo mado to appear a party in interest, BaaNoMt ‘Tha Senate + 1 tha Fee only three voting in tne negative: also, the tll reducing ie galury of Governor. to eG,ltH), aul the nay of members to 23 a day. ‘Ihe Anditor of Rtat= was aluoent ont of sil inaur- ance fees, anountins, to £12,000 a year, OTHER BUS Tho House pateed hills forbidding the Trustees of any State iuecituuion to vontract dabts on a count of the State: providing for the speedy pasmont of laborers within Lhitty day, and sale of property without relief from valuation lawn; creating tho Ctrenit Conrt of Case County ; concerning the new Ingane Anylum at Indianapolis; mukinz tho receivor of a brite foro voto guilty, as well aa the pereon offering its creating the ofice of Gas Comnuesioner. au: detining the dutiss, ‘The billto fouve railroads ‘ad defeated, 39055. Tho Wave and Means Vounnittee reported tha levy at 5 conts on £100, Scents for choo purposed and tho sdditional rato for the Inaane Advinm binlding, ‘Tho ‘Tas bilt oe mado tho epocial order for Tuesday next, nd Salary bill, — MINNESOTA, LEMSLATIVE MUCELDINGS, Suestal Lis ta The Chicago Tribune, Sr. Paut, Feb, 26.—In tho Seuate a bill waa introduced repoaling the law giving De Graff & Uo, and othoca liens on the St, Paul & Pacifle Extension lines, nnd sent duect to Commutteo of the Whole withont reference ; aleo altowing rail- roads to ba built with a S-foot ganzo; limiting the tax-oxemption of chnreh-property ta €200 for each vociety. Hongo bills paused for a State tax levy of £450,090; authorizing tho Minnesota Contral to build o branch railroad from. Redwing to St, Paul and Minneapolis, Also, Senate Dilly tax-deeds prior to Muy 1, 3$7j, prima, facie evidence of title; authorizing tho Comtnis- sionera of grasshopper countica to nkato all taxes, A motion to recall tha Knndivold Cap- ital bill, passad yesterday, was carried, 23 to 13. Iu Committoa of the Wliole, on tha General Ape progriation bill, all itama relating to Railroad Commiasioners wero struck aut, objection heiuy mado to them that tho Morse bill, likely to pass, would requira but a smail portion of the atnounts necessary for the present Commissioners, In the House the Kandiyohi Capitol Romoval bill was referred to the Coinmittea of the Whole by one majority, Arule was adopted for no now bills after Monday. In Commuitico of tho Whole, ‘Morse's Railroad bill wau recommended to para without opposition after tho amendment provid- ing for tho Commivsionors boing oleeted by the peaple, tho vacancy til the next goncral eleo- hon to bo tilled by appaintmont, Both Houses aro latorlag In Committee of ths Whole, oach with about eighty bills on general orderg. —_ KANSAS, 12. Special Playatch to The Chierao Tribune, Torexa, Fob, 24.—In the Sonate to-tay, a bill waa passed instructing the Attorney-General fo cammonco wuit to recover title to 500,00) ueroz of Innd donated by the United States to Kansas, and by the fatter appropriated to certain rall- roada in 1360, a THR MOURE apent moat of tho day on bills making appro- priations for the benoit of State churitable In stitutions. ills were recommended for passage with a general reduction of ealnrick of Suporine tondonts aul hors. ‘The Jlouse also passed by a yoto of, 5) to $2 a werics of resolutions ine structing the Ways and 3leans Committeo ta report # bit withont dolay to appropriate $200 ag, for tho reliof of tho graashoppor wuf- ferers, —— NESRASKA, LAST HOTS. Special Dispatch to 1'he Chteana Tribune, Lixcony, Nob., Fob. 26,—Tho Logislatare ad- Jourued slao dio yesterday, Justbefore adjourn. mont, Mr. Helmor,of this county, offorad » roxolu- tion of consuro against tha lion, John Baumer, of Omaha, charging him with abstracting or obtain- ing by false protensea from the enroiling clork of the House the orlginal copy of the Proliibition bill, and immodiatoly thoreafter making himself tearce from the alty. A committee of two wus appointad to investigate the matter, but it fs geuorully believed that Baumer fy not guilty of the charges, ‘I'he Capital-removers left in ox- treme digguat to-day. —— GEORGIA. HONVS VECLARED VOID, AtLAyta, Ga., Fob, 24.—T'ho Legislature bas declarad unconutitutional, null, and voldj the second sertus of £690,000 In ‘the bonds indoraod by tho Stata in 1870 Issued to tho Macon & Brunswick Neilroad, said indorsoment having been declared binding by the Leglalature of 1873, Tho tirt serios of bonds, amounting to 185,000, aro declared yalid aud biuding on tho tate, on VIRGINIA. ELECTION OF LIRUTENANT-GOVERNOR, Ittensosp, Va,, Vob, 26.—The Geuoral Assam- bly to-day elected Stuto Senator Hf, ¥, Thomaw Lieutenant-Governor to fill the unexpired term, of Lient.-Gay, R. E. Withera, United Btatos Honator-oloc! WISCONSIN POULTRY SHOW. Special Diapateh ta Tha Chwago Tribuns, Mtuwauxer, Fob, 20,—The State Poultry As soclation'’s annual oxbibition will open here for Public inspection to-morrow, It waa opened to membors to-day, ‘Lo-ulgmt nearly all the birds are in place. Tho ubow of birle ta excellent both as rogards quantity aud quality, ‘The prin-: cipal exhibitord aro J, D. Alcott, P. Schoen, G. IL, Speer, W. A, Collinu, Milwaukeo; H. J, Jouu- gon, Hartland ; Byron Rowo, Brookfield ; J. u. N, J; Androw Burgsys ud Edward Moran, North Milwaukee; W. u. Bills appropnating 1,000 each to the St. Rose | Unmiltou, Sun Prairie; Bryant & Oaxood, Orphan Asylua, and some other Milwaukeo char- | Paul, 3thun.; 8, A. Phllbrook, Brookilold 5 8. i. itablo institutions wore warmly advocated by Mr, | Hoamony, Wauwatosa; D. Mouslior, Beloit, Kershaw, avd oppoved by Vometock, tho rall- | Hamilton, Philbrook, and Beamons beve the soad wpecial orger interforiug to preyont a vo Jargost number of pons showa by alngle exleibite