RAILROAD EARNINGS FOR JUNE AND SECOND QUARTER.

The gross earnings for the under specified railroads for the month of June, 1866 and 1867, and the difference (increase or decrease) between the two periods, are exhibited in the subjoined statement:

The gross earnings per mile of road operated for the same month of the years, respectively, are shown in the following table:

The results of railroad operations for June are given above and from these it will be seen that all the roads from which reports have been received have decreased their earnings. In June, 1866, the earnings on 7,034 miles were $6,706,446, and in June, 1867, on 7,124 miles, $5,721,537, theaggregate decrease being $984,909, or at the rate, as shown in the second table, of $150 per mile of road operated. This is certainly very large. The decrease from the month of May last, however, is only $31 per mile of road. The exhaustion of the old crops appears to be the scapegoat for this condtion of railroad matters.

The results of the second quarter of the current year compared with

those of the corresponding quarter of 1866 are shown in the statement

which follows:

The total length of the above railroads having been in 1886 7,244, and in 1867 7,334 miles.

With regard to the quarterly summary, the result is a decrease in earnings, as compared with the 2d quarter of 1866, to the extent of $207 per mile of road operated, and since January 1 the decrease has been $250 per mile. This is about 5 per cent. on the aggregate.

These results are better than were anticipated, and the loss has probably been balanced by reduced expenditures. If this has been the case, the net earnings will not be injured, while the coming half year is full of promise and may, from increased business, fully make up the gross totals of the railroad year 1866.

DEBT OF NEW JERSEY.

We have lately received the published reports of New Jersey for the past year. From them it appears that the debt of the State at the close of the fiscal year, November 30, 1866, amounted to the sum of $3,395,200, evidenced by certain bonds authorized by law, as follows:

By act of May 10, 1861, the Governor and Treasurer, for war purposes, were directed to borrow, on the issue of 6 per cent. bonds (exempt from taxation), none of which were to be made payable at a later date than January 1, 1885, not exceeding $2,000,000. Under this act the following issues were made and were outstanding at the date mentioned:

-total outstanding $1,798,900.

By a supplementary act, approved March 24, 1863, the same officials were authorized to borrow, for like purposes, on similar bonds, none of which were to be made payable later than January 1, 1896, an amount

not exceeding $1,000,000. The issues under this act outstanding at date are payable as follows:

By a further act approved April 14, 1864, the same officials were authorized to borrow for like purposes such sums of money which, with the moneys borrowed under preceding acts, should not exceed $4,000,000, and to issue bonds therefor at 6 per cent., none of which should have a longer time to run than to January 1, 1902. This issue of bonds, however, was not exempted from taxation, and none of them were sold prior to the passage of an act approved April 4, 1866. This latter act stated in its preamble that $4,000,000 had been heretofore appropriated for paying the expenses incident to the suppression of the rebellion; but that not more than $3,000,000 had been borrowed, leaving authority to borrow $1,000,000 more; and since the State was indebted more than $600,000 for expenses incident to said suppression, this act provided that the Governor and Treasurer might borrow the sum of $1,000,000. The outstanding issues under these two laws at the close of the fiscal year were as follows:

Thus of the $4,000,000 authorized only $3,395,200 have been issued. The first law passed upon this subject (that of 1861), provided that not more than $100,000 thereof of principal money, should be made payable in any one year. The same provision was found in the supplementary act of 1863, except that in the latter it is enacted that no part of the principal should be paid before 1886, and the further supplement of 1864 declares that not more than $200,000 of the principal authorized by its provisions should be made payable in any one year, and no part thereof before 1897. It follows therefore that these bonds, which compose the evidences of the State debt, are payable in instalments, and at different times between the year 1865 and the year 1902. The payment of interest and principal as they become due is made the duty of the Commissioners of the Sinking Fund from the moneys of the Fund furnished them by the Treasurer, whose duty it is to pay over to them all moneys raised by law, and received by him for the purpose of liquidating the principal and interest of this bond debt. The three first instalments of the principal (those of Jan. 1, 1865-66 and '67) have been already paid from the Sinking Fund, the chief resource of which is the proceeds of a general tax of $280,000 a year on the property within the State.

The population of New Jersey, by the census taken in 1865, was 773,700, being an increase in five years of 101,671, the popolation in 1860 having been 672,029. Taking the debt as it stood on the 30th November, 1866, at $3,395,200, the distributive share to each inhabitant appears to be about $4.39 per capita.

By an act approved March 21, 1866, the counties, cities, towns, townships and other municipal corporations of the State were directed to prepare and forward to the Comptroller a succinct statement, properly certified, of all money's expended by them for the purposes of the late war. Circulars were, in accordance with this act, transmitted under date of March 30, 1866, to all such corporations, requesting returns on the subject before May 1. With few exceptions the required reports were made, and, excluding those not reporting, the aggregate amount of bounties paid, or indebtedness incurred on account thereof, was found to be $23,447,988 77, as follows:

This total represents the moneys absolutely contributed by the towns, counties,&c., for the purposes of war, which added to the State debt, $3,395,200, shows the entire contributions of New Jersey for the purposes mentioned. This is $34 70 percapita, varying in each locality; or reckoning five persons to a family, as the average, would make 173.50 to each head of a family. The interest on this amount at € per cent. is $1,610,591,2% a year, or $2,08 per capita. By an additional dollar per head annually, successively placed at compound interest as a sinking fund, the principal amount may be liquidated in thirty-four years.

The total valuation of the State is $467,918,324. The State debt in relation to this valuation, is as $0:72 to every $100 and the local debt as $5:01 to every $100, or together $5:73 to every $100. This is by no means burdensome to a wealthy and industrious people.

CLEVELAND, COLUMBUS AND CINCINNATI RAILROAD.

The Cleveland, Columbus and Cincinnati Railroad forms, in connection with the Little Miami and Columbus and Xenia Railroads, the direct line between Cleveland on Lake Erie and Cincinnati on the Ohio, a distance of 255 miles. At Cleveland it connects with the Lake Shore line to Buffalo, and through that with the New York Central, which together form the great through line from New York to Cincinnati. The Bellefontaine Line leaves the road at Galion, 80 miles distant from Cleveland, and the

Columbus and Indianapolis Railroad leaves it at Columbus, both extending westward via Indianapolis, in the direction of St. Louis: and in its course it is crossed by the Sandusky, Mansfield and Newark Railroad (at Shelby), and by the Pittsburg, Fort Wayne and Chicago Railroad (at Crestline). At Delaware it gives off the Springfield Branch which connecting with the Little Miami forms a second route to Cincinnati.

The Cleveland Columbus and Cincinnati Railroad Company were incorporated in 1846; and the road, commenced in 1848 and opened by sections, was completed in February, 1851. The curves at Delaware connecting the line with the Springfield, Mount Vernon and Pittsburg Railroad (now the Springfield Branch) were constructed in 1853. branch was purchased by the Company in January, 1861:

This

The constituents of the railroad as at present existing are as follows:

.... .......

.131.39 miles. 5.77

49.80

Main Line, Cleveland to Columbus Delaware Curves, at Delaware... Springfield Branch, Delaware to Springfield..... -making a total of 190.96 miles. The length of second track (all on the main line) is 55.8 miles, and there are also about 35 miles of sidings. In the following statement is contained a review of the operations of the company for the six years ending December 31, 1866, and its financial condition at the close of each annual period.

The amount of rolling stock in use in the stated years was as follows:

The miles run by locomotives with trains in each year, are stated in the

following summary:

bwitching service..

Repair service..

Total....

20,489

41,965

48,894

76,049

35,358

18,823

175,391

83,655 114,805 151,702 164,227 161,414

707,100 926,628 1,012,130 1,032,368 1,967,820 1,055,592

The number of passengers and tons of freight carried, and the mileage thereof, is shown in the following statement:

1861. 1962. 1863. 1864. 1865. 1866. 180,490 280,054 395,850 532,142 559,381 398,561 25,597 33,662 35,499 22,343 416,756 571,087 607,063 562,758 459,703 517,199 39,455 57,083 58,358 52,779 42,238 45,153

The earnings and expenses yearly for the same years, and the distribution of the profits from operations, were as follows: