In the number for March, 1866, will be found a history of the Erie Company, to which the reader is referred for further information. CENTRAL RAILROAD OF NEW JERSEY. The Central Railroad of New Jersey, one of the great through roads across that State, may be characterized at the close of each year as follows: Originally this was almost entirely a local road, and dependent on the New Jersey Railroad for an entrance into Jersey City. The construction of an extension in 1863-4 made it independent in this respect, and the opening of new roads in Pennsylvania has given it an outlet to the West. It has thus become a favorite route for passengers to and from the interior. The construction of the South Branch from Somerville to Flemington, gives it a more Southern terminus through Lambertville and Trenton to Philadelphia, and it is possible that a better route to that city may be furnished by the construction of a short line between Lambertville and Doylestown, the terminus of a branch of the North Pennsylvania Railroad. The improvements already completed have more than doubled its general traffic in the past three or four years. But the great value of the road lies in its coal-carrying business, commenced ten years ago, and now aggregating a million tons a year. The mineral is brought both from the Lehigh and Lackawanna regions, that from the former being shipped at Phillipsburg, and that from the latter comes to the road at Hampton, the point of junction of the Warren Railroad, an extension into New Jersey of the Delaware, Lackawanna and Western Railroad. The depot of this trade is at Elizabethport, whence the coal is shipped to New York and other markets. The last named is a wide gauge road, and to accom. modate its cars the Central Company have laid down a third rail on both its tracks from Hampton to Elizabethport. The accommodations for the trade at Elizabethport are very efficient, and the works there have cost large sums. Indeed, it may here be stated, that the road itself has scarcely cost one half the aggregate expenditures of the company. The wharves and works at Elizabethport, Port Johnston, and Co-nmunipaw, and the ferry interests, lands, and miscellaneous properties make up the other moiety of the general cost. To understand the grand progress of the works connected with this road, it is only necessary to state, that at the inauguration of the coal trade in 1856, the capital (shares and bonds) of the company was only $4,500,000; it is now more than $12,000,000, and probably three million more will be required to complete the immediate projects now being carried out by the company. In one year-the last of record—the cost of the company's property rose from $114,865 to $164,796 per mile of road, and yet so liberal were the nett earnings, that the usual dividend o 10 per cent was paid on the increased capital. The accounts which follow show the progress of the capital, business, and general interests of the company, yearly, for the seven years ending December 31, 1865. The rolling stock-engines and cars-owned by the company at the close of each year, is shown in the following statement: The reports give no detailed statement of the ferry property, boats, &c. The works both at Jersey City and New York are still incomplete. ROAD AND FERRY SERVICE. The following statements exhibits the mileage of trains and ferry-boats, the number and mileage of passengers, and the tons and mileage of merchandise, coal and iron yearly⚫ Mileage of engines hauling trains and of ferry-boats: Miles Fiscal years. 1859. 1860.. 1861. 1862. 1863. 1864. 1865.. Pass'ger. Merch'se. Coal. 141,918 110,827 276,490 529,235 Miles runs by Transportation Work- ferry 662,393 45.890 86,888 687,204 53,584 47,656 8:2.041 59,164 38.528 948,218 290,641 177,688 415,740 Number of passengers and tons of freight carried, and the mileage thereof: 39.047 47,072 -Coal 638.958 32.998 854,769 46,616 823,214 42.907 816,570 43,448 8,996 56.690 3,619 419.803 11,760 196.985 11J68 70,202 4,487 529.017 13,152 263,625 13.540 80,53 5,172 1,049,881 56,795 698,88 19.397 272,266 14,611 69,225 4,430 1,149,964 62,372 928,806 23,832 317,181 17,838 75,469 4,830 1,004,506 55,683 The merchandise is expressed in tons of 2,000, and the iron and coal in tons of 2,240 lbs. The mileage is stated in thousands (1.000'ds) of miles The coal tonnage of the road yearly, since the transportation of coal was commenced, has b en as follows: * Mileage of passenger trains run on New Jersey Railroad between Jersey City and Elizabeth drawn by engines of that company. Since 1863 these trains have passed over the new extension of the company's railroad. TRANSPORTATION ACCOUNT-EARNINGS, EXPENSES, &C. The following is a statement of the receipts and expenses yearly for the same seven An extra dividend of 10 per cent, amounting to $515,000, was paid for 1863 from the surplus income, the balance of which at the end of that year was $578,255. By this operation the balance was reduced to $63,255. The surplus of 1864, $504,904, made the total to credit at the end of that year $568,159, at which it still remains, the net earnings for 1865 having been entirely consumed. The surplus income appears in the ledger under the title of " renewal fund," but this includes $60,000 transferred to it in 1863 being the amount of premium on sale of new stock. GENERAL ACCOUNT-BALANCE SHEET. The financial condition of the Company as shown in the Yearly Balance Sheet is exhibited in the following statement: 1860. 1861 1862 1863. 1864. Railroad Stations, Engines Ferry int.: & mixed Mat'ls account. Cash and cash items. $85,044 $87,773 $42,679 4,480,897 422.514 489,500 246,650 #5.044 101.528 119.959 1865...... Under the caption of "Stations, Wharves, &c.," are included the following, viz ; station houses, shops and water-stations; lands and works at Elizabethport; Port Johnston coal wharves, and the Communipaw filling and bulkheads, the cost of which in 1864 is stated at $218,736; 801,856; $187,011 and 585,119 respectively. PROPORTIONAL DEDUCTIONS. The following, deduced from the above, exhibits the amount of capital (stock and bonds) expended per mile of road, the earnings, expenses and profits per mile, the proportion of expenses to earnings and of profits to capital, and the rate per cent of dividends on stock, yearly, for the seven last years : The following statement exhibits the monthly range of price at which the company's stock sold at New York: The origin of the Central Railroad was extremely humble, but by consolidation and extension it has become one of the best properties in the Union. The Elizabeth and Somerville Railroad (25 miles) was chartered in 1881 and completed in 1839. The Somervile & Easton Railroad was chartered in 1847, and subsequently (in 1849; was authorized to purchase the first named road and change its title to that of the Central Railroad of New Jersey. Under the original charter nine and a half miles of road from Somerville to Whitehouse had already been constructed. In July, 1850, these two Companies were consolidated, and in September the construction of the remaining portion of the chartered route commenced. This was completed and the road opened to Phillipsburg on the Delaware July 2, 1852. The cost of the road to this date had been about $3,000,000 and to the end of the years 1854-5 the cost had risen only to $3,750,000. The completion of the roads leading from the Lehigh & Lackawana Coal regions gave a new impetus to the interests of the Central Company, and led to the forma which the Central Railroad become the channel of their trade to New York. This was in 1855; and for the accommodation of this business suitable and extensive improvements were made. From Hampton where the Lackawanna road comes in to Elizabethport a third rail was laid down for the accommodation of the wide cars of that line and a large coal depot formed at Elizabethport. A second track (also with a third rail) was subsequently laid down, and eventually the second track was extended from Hampton to Phillipsburg for the better accommodation of the Lehigh Coal trade. Until 1864 the passenger business of the Central Company between Elizabeth and Jersey City was carried over the New Jersey Railroad for which privilege the Cen tral Company had to pay fifteen cents per passenger. The freight business with New York was conducted by ferry boats between Elizabethport and that city. Under this high charge and these circumstances the development of business could at best be a slow process. To remedy this drawback the Company determined on construct ing an extension of their own road to Jersey City which was commenced in 1863 and completed in August 1864. This extension crosses Newark Bay and has been a very extensive undertaking. It also involved the establishment of an independent ferry to New York, &c. The Company are still proceeding with these and other improvements which when completed will have cost altogether about $15,000,000. Notwithstanding the difficulties with which the Central Company have had to contend, and which are yet scarcely overcom, they have never, except in a single year failed to pay dividends. This exception was the year 1854-5 when the net earnings were devoted to construction. In 1852 3 they paid 5 per cent, in 1853-4 and 1855-6 7 per cent, and in 1856-7, 34 per cent. Since this period regular 10 per cent divi dends have been paid, and in 1863 an extra dividend of 10 per cent. Under these circumstances the stock of the Company has been a great favorite with investors and has always sold high in the market. Very little, however, is offered the great bulk being held for permanent investment. NATIONAL AID TO AMERICAN STEAMSHIPS. A memorial has been presented to Congress, we are informed, from the Commercial Navigation Company of the State of New York asking for the passage of a law authorizing the Postmaster General to arrange and contract with them for the weekly conveyance of the foreign and European mails of the United States between New York and Liverpool, for a term not exceeding twelve years. The proposition submitted by the Company is to establish a line consisting of seven sea-going steamships, two of them of two thousand and five of three thousand tons, all to be constructed in the best manner with all known modern improvements in model, machinery and outfit, so as to secure the greatest possible speed and safety. The purpose is said to be to secure a speed of from twelve to fourteen marine miles an hour, with a draught of water which shall not exceed sixteen feet when loaded; and in the plan of construction, to have their decks, one extending the entire length of the vessel, giving passengers every proper comfort and convenience. These steamships when constructed will constitute a United States Mail Steamship Line for the conveyance of the mails; the times of sailing and other details to be arranged between the Company and the Postmaster General. The compensation proposed for carrying the mails is the postage. It will be remembered that a contract with a steamship company running vessels between this country and Brazil, gives that company those terms. The Commercial Navigation Company, however, ask beyond this in view of the expenditure of about eight millions dollars, required for building, equipping and operating such a line of steamships, that the Postmaster General shall be authorized to guarantee the payment of their bonds to the amount of some $3,000,000. In order, however, to assure the Govern ment against loss in this transaction, the company are to give to the United States a first lien upon the steamships, their tackle, apparel, inachinery and furniture, which will be, it is shown by the exhibits of the company, worth full double the amount of the obligations so assumed; also, that the Postmaster-General shall receive all the moneys paid for postage on the mails so carried, applying it to pay the interest on the bonds, and retaining the excess for the liquidation of the principal till the |