the same may be entered is fixed by the act at the same sum. It is worthy of consideration whether an amendment providing for the reduction of the twenty-dollar minimum might not be productive of good in cases where the veins of coal are thin, the quality inferior, or the labor of extracting it unusually great. This might be done by vesting power in the head of the department for making such reduction, where the facts in his judgment would justify. The better to carry into effect the act of July 1, 1864, this office, on the 20th of August following, issued instructions to the surveyors general, and the registers and receivers of the different land districts, requiring them to institute proper inquiries as to the mineral character of the lands in their respective districts, to ascertain what tracts come within the meaning of the terms "coal beds" or "coal fields," and to report results. On the 20th of April, 1865, further instructions were issued as to proceedings under the supplemental act of March 3, 1865. It is found that the information called for as to the quanities of land embracing coal beds or coal fields in the respective land districts can be but imperfectly furnished through the instrumentality of officers whose time is absorbed with other duties; yet from reports received, and other reliable sources, it is ascertained that coal is distributed in the public domain in large quantities. In Michigan, Ohio, Indiana, Illinois, Missouri, Iowa, and Alabama, its existence has long been known, and in many places it has been extentensively mined for commercial purposes. In Arkansas, Louisiana, Kansas, and California, numerous deposits of a superior quality have been discovered, whilst in Nevada and Oregon, and in the Territories of Washington, Idaho, Montana, Utah, Colorado, Dakota, New Mexico, an 1 Nebraska, coal traces have been found within the last few years, indicating an abun dant distribution. The coal field of Iowa and Missouri, passing through the eastern portions of Nebraska and Kansas, and the western part of Arkansas, extends diagonally through Texas and enters the republic of Mexico. The western limit of this extensive field is reported to lie about the 97th degree of west longitude, where the limestone formation is succeeded by the red saliferous sandstone. East of this meridian, in the extensive limestone formation, the great mineral coal measures occur, covering large portions of the States of Iowa and Missouri on the west of the Mississippi, and Illinois, Indiana, Ohio, and other States on the east of that river, and appearing in numerous traces in the regions bordering on the Nemaha, the Neosho, the Arkansas, and Canadian rivers. Beyond the plains, along the base of the Rocky Mountains, and extending from the northern limits of New Mexico, through Colorado, and north of it to the Canada line, passing through Idaho, Oregon, and Washington, are the tertiary coal measures of the United States, containing many varieties of brown coal, useful not only for the ordinary purposes of fuel, but much of it excellent for steam navigation purposes. These deposits are destined to be of immense importance in the future settlement of those extensive regions. Evidences are already quite numerous of its distribution in inexhaustible quantities along the headwaters of the Missouri, the Yellowstone, Big Horn, Powder, Platte, Greene, Columbia, and Willamette, and their tributaries. Bituminous coal of excellent quality exists in the Ratoon Mountains and other parts of New Mexico, in Nevada, and in Utah. As the public surveys and settlements advance and increase in the now unsurveyed lands of the United States, the wants and exigencies of our people will, from time to time, bring to light further discoveries of this element of power and progress that now lies dormant in distant and imperfectly explored places. The wealth of this country in the article of coal is beyond estimate.* This combustible substance is spread by the hand of Providence everywhere in such localities as to make it best subservient to the wants of our race, whose genius has developed and is continually applying its resistless forces. Geology teaches that the primeval forests, and myriads of lesser vegetation, in the decay of ages, are changed by the secret agencies of nature into this important substance, and packed away in the earth for the use of man. The aggregate area of the coal fields of the British North American Provinces, of Great Britain, France, Belgium, Rhenish Prussia, Westphalia, Bohemia, Saxony, Spain, and Russia, is reported as equal to sixteen thousand four hundred and ninety-four square miles, whilst the extent of those discovered in past years in the United States is estimated at two hundred thousand square miles. An able English writer, in discussing the bearings of this mineral fuel and the extent of it in the United States, declares that the possession of such an amazing deposit leads to the forecast of a future of almost boundless enterprise and production in America, describing it as a "fuel ever ready at a moment's preparation to generate a power the very opposite of man's nature, a power that transcends all others, yet known to be applicable to mechanical movements, that disdains narrow improvements, and wings us or wafts us over laud or sea, that makes tens of thousands of wheels and spindles to revolve incessantly, that causes raw materials to be wrought into airy fabrics or solid structures, or that transports navies and armies, changes the character of warfare by accelerating the transfer of men and the munitions of war, decides the fate of battles, and determines the destiny of nations." Such is the agent abounding in the public domain, and everywhere accessible in our country, and which is now laboring in our machine shops, in our manufacturing establishinents, whilst it is driving over our inland waters vessels of every size from a steam-tug to floating palaces, and is speeding to distant lands our ocean marine engaged in foreign trade, and carrying into every sea and every prominent port the huge and resistless engines of our naval forces, which attest the genius of this people and are symbols of our national power. Interspersed with this valuable deposit are most of the other useful minerals upon the presence of which the wealth and prosperity of a nation measurably depend. The precious metals are deposited in three broad belts, stretching across the United States, one known as the "Appalachian gold field," traversing the older States of the Union in a line parallel with the Atlantic coast, and appearing in Virginia and North Carolina; the other as the " "Rocky Mountain gold field," traversing all the more recently organized Territories of the United States, and the third as the * Surface indications of coal meet the eye almost everywhere. The bituminous coal fields areund Pit-burg have b en e-timated at eight million six hundred thousand acres. The u,por se m loetuis aca is estimate. to cont in fifty-three thousand five hundred and sixte n millions of tous of coal.-Sir Morton Peto, Resources of America, page 180. "Sierra Nevada gold field," extending through the country bordering on the Pacific. Iron, the most useful of all metals, is at the same time the most generally distributed through the public land States* and Territories, whilst there is copper in immense quantities in the vicinity of the lakes east of the Mississippi, existing likewise in greater or lesser degree in the region extending from the Mississippi Valley to the Pacific, whilst lead, tin, and zinc are found in several of the States and Territories. The precious metals exist chiefly in California, in Nevada, in northeastern and southwestern Oregon, in Washington Territory, in Idaho, Montana, Colorado, southern Utah, New Mexico, and Arizona, scattered over an estimated area of a million square miles, and now yielding au annual product in gold and silver, according to the best attainable estimates, of over one hundred millions of dollars; California alone having produced in the precious metals since 1848 over one thousand millions of dollars, while the developing mines of Nevada, Colorado, Idaho, Montana, New Mexico, and Arizona are making large annual additions to the American yield of gold and silver. PETROLEUM. It appears from a semi-official report, in June last, received from the Surveyor General of California, that the petroleum oil belt extends in that State from the county of Humboldt on the north to Los Angelos on the south, a distance of over 700 miles, embracing twelve counties, to wit: Humboldt, Mendocino, Coluse, Sonoma, Contra Costa, Santa Clara, Santa Cruz, Monterey, San Luis Obispo, Santa Barbara, Los Angelos, and Tulare, in which oil in limited quantities, and some of superior quality, has been discovered; in fact, that the sandstone and shale of the whole coast range of mountains in most of these counties is so strongly saturated with petroleum oil as to burn in a furnace, being easy of excavation and assuming the appearance of tar or asphaltum where exposed to the air. It is found in some localities, particularly in the southern counties, in a fluid state, flowing out of the shale rocks in small rills, known by the resi dents as breor springs, chiefly in the cañons or gulches. The asphaltum or hardened oil exists in very large quantities on the surface, the formation of centuries, as supposed, and is used for fuel. One of the most remarkable springs mentioned is situated under the ocean, some three miles from the shore, opposite San Luis Obispo, and north of Point Concepcion, which, in calm weather, is said to cover the surface of the sea with oil for twenty miles; and another curious feature is found about six miles from Los Angelos, in the plain known as Tar Lake, from fifty to one hundred feet in diameter, which is filled with oil-tar, used by the inhabitants for roofing houses and other purposes. Various experiments, it appears, have been in progress for obtaining the oil from the immense deposits of asphaltum and tar, extracting it from the sandstones and from springs by boring, which have met with partial success, but sufficient to warrant the belief that at no distant day a full supply may be obtained when adequate capital and machinery shall be unplied. (To be Continued.) *It is estimated that there is iron ore enough in Missouri alone to supply a million tons per annum of manufactured iron for the next two hundred years.-Sir Morton Peto, page 167. CHICAGO AND NORTHWESTERN RAILWAY. The third fiscal year of this consolidation expired May 31, 1867. The earnings and expenses yearly, as show in the reports of the company have been as follows: From which must be deducted cost of operating and taxes, local and national, as The surplus as above has been reduced by charging against it certain interest and discounts, properly chargeable to construction, viz.: in 1864–65, $521,826 19; in 1865-66, $415,799 20, and in 1866-67, $117,831 05, making a total of $1,054,956 44; which, deducted from the aggregate surplus ($1,523,180 90,) leaves May 31, 1867, $468,222 46 as the surplus actually carried to the general account. The length of line operated, and the stock of engines and cars on the road have been largely increased during the period which the above accounts cover. The following statement shows these at th date of the consolidation in June, 1864, and at the close of each subsequent fiscal year: June, -May 31st The change in the rolling stock from June 1, 1865, to June 1, 1867, is shown in * Leased May 8, 1866. VOL. LVII-NO. II. + Consolidated October, 1864, and opened through December, 1864. 9 The business of the road is not given with sufficient detail. From the reports, however, we collect the following information : The financial condition of the company on the 31st May yearly, as exhibited on the general account, is shown in the following statement: do do do do The details of the several securities issued, and the amounts outstanding at the close of each fiscal year, are given in the following summary: 8's, Flag Trust Bonds (Depot)... 7's, pref. sinking fund b'ds (C. & N.W.). 7's, Appleton exten'n b'ds ( 7's, Green Bay 46 7's, 1st mortgage bonds (G. & C. U.). 1,963,000 00 1,948,000 00 1,919,000 00 7's, 2d do 1,311,000 00 1,232,000 00 1,173,000 00 6's, Elgin&State line " do 189,000 00 do 200,000 00 270,482 87 320,000 00 165,000 00 1,200,000 00 1,075,000 00 948,000 00 2,627,100 00 3,040,000 00 2,200,000 00 Total 31............ ....... $12,020,482 87 $14,051,000 00 $16,251,000 00 7's, Miss. Riv. Bridge" 7's, Equipment bonds (C. & N. W.)................... 7's, 1st mort. bonds (Pen. R.R.)... 7's, consol. s'k'gf'd b'ds (C. &. N. W.) 10's. Equipment bonds ( For the general history of the company the reader is referred to the COMMERCIAL AND FINANCIAL CHRONICLE, vol. 1, p. 613, 646 and 711. Below we give the monthly range of sale prices of the stocks of the company since the consolidation: 50 @60 |