MORRIS CANAL AND BANKING COMPANY.

From the report of this company for the fiscal year ending February 28, 1862, we learn that the canal was opened for business on the 18th of March on the western division, and the 25th on the eastern division. The navigation was maintained, with occasional interruption from casualties. to the banks and machinery, until closed by ice on the 13th of December at the west end, and the 20th of December at the east end.

The income of the company from tolls and other sources was $291,846 37

And the expenses were:

Operating canal.....

$31,068 53

Repairing canal and works.

82,365 18

Salaries, interest, law, and other expenses.

25,611 75

Transportation expenses...

4,357 41

143,402 87

Compared with the previous year the receipts show a decrease of $58,864 26, with a decrease in expenses of $869 39-making the decrease in net earnings $57,994 87.

Notwithstanding the diminution of business upon the canal, and the consequent reduction of income of the company, the net earnings of the year have sufficed to enable the company to keep their works in good repair, increase the capacity of the canal, to pay the interest on the bonded debt, and the usual dividend on the preferred stock.

The expenditures during the year, for the permanent improvement of the canal, and its works, including the outlay at Jersey City, and for new boats, has amounted to the sum of $42,677 50. These improvements and outlays were deemed necessary for an increased efficiency of the canal, and to furnish additional facilities to the trade. In reference to the improvements made and expenses incurred under this head the engineer says:

The Morris Canal is 102 miles in length, extending from the Delaware opposite Easton, Pennsylvania, to Jersey City. Its entire tonnage last year was 619,369 tons.

THE PACIFIC RAILROAD.

The following is a copy of the act to aid in the construction of a railroad and telegraph line from the Missouri River to the Pacific Ocean, and to secure to the government the use of the same for postal, military, and other purposes, as passed by Congress :

Be it enacted, &c., That (1) Walter S. Burgess, William P. Blodgett, Benjamin H. Cheever, Charles Fosdick Fletcher, of Rhode Island; Augustus Brewster, Henry P. Haven, Cornelius S. Bushnell, Henry Hammond, of Connecticut; Isaac Sherman, Dean Richmond, Royal Phelps, William H. Ferry, Henry A. Paddock, Lewis J. Stancliff, Charles A. Secor, Samuel R. Campbell, (2) Alfred E. Tilton, John Anderson, Azariah Boody, John S. Kennedy, H. Carver, Joseph Field, Benjamin F. Camp, Orville W Childs, Alexander J. Bergen, Ben. Holliday, D. N. Barney, S. De Wit Bloodgood, Wm. H. Grant, Thomas, W. Olcott, Samuel B. Ruggles, James B. Wilson, of New York; (3) Ephraim Marsh, Charles M. Harker, of New Jersey; John Elgar Thomson, Benjamin Haywood, Joseph H. Scranton, Joseph Harrison, George W. Cass John H. Bryant, Daniel J. Morell, (4) Thomas M. Howe, William F. Johnson, Robert Finney, John A. Green, E. R. Myre, Charles F. Wells, Jr., of Pennsylvania; Noah L. Wilson, Amasa Stone, William H. Clement, S. L. L'Hommedieu, (5) John Brough, William Dennison, Jacob Blickensderfer, of Ohio; William M. McPherson, R. W. Wells, Willard P. Hall, Armstrong Beatty, (6) John Corby, of Missouri; S. J. Hensley, Peter Donahue, C. P. Huntington, T. D. Judah, (7) James Bailey, James T. Ryan, Charles Hosmer, Charles Marsh, D. O. Mills, Samuel Bell, Louis McLane, George W. Mowe, Charles McLaughlin, Timothy Dame, John R. Robinson, of California; John Atchison and John D. Winters, of the Territory of Nevada; John D. Campbell, R. N. Rice, Charles A. Trow

bridge, and Ransom Gardner, (8) Charles W. Penny, Charles T. Gorham, William McConnell, of Michigan; William F. Coolbaugh, Lucius H. Langworthy, Hugh T. Reid, Hoyt Sherman, (9) Lyman Cook, Samuel R. Curtis, Lewis A. Thomas, Platt Smith, of Iowa; William B. Ogden, Charles G. Hammond, Henry Farnum, Amos C. Babcock, W. Seldon Gale, (10) Nehemiah Bushnell, and Lorenzo Bull, of Illinois; William H. Swift, Samuel T. Dana, John Bertram, Franklin S. Stevens, (11) Edward R. Tinker, of Massachusetts; Franklin Gorin, Laban J. Bradford, and John T. Levis, of Kentucky; James Dunning, (12) John M. Wood, Edwin Noyes, Joseph Eaton, of Maine; Henry H. Baxter, (13) eo. W. Collamer, Henry Keyes, Thomas H. Canfield, of Vermont; William S. Ladd, A. M. Berry, (14) Benjamin F. Harding, of Oregon; William Bunn, Jr., John Catlin, Levi Sterling, (15) John Thompson, Elihu L. Philips, Walter D. McIndoe, T. B. Soddard, E. H. Broadhead, A. H. Virgen, of Wisconsin, Charles Paine, Thomas A. Morris, David C. Branham, Samuel Hanna, Jonas Votaw, Jesse L. Williams, (16) Isaac C. Elston, of Indiana; Thomas Swan, Chauncey Brooks, Ed. Wilkins, of Maryland; Fr. R. E. Cornell, David Blakely, (17) A. D. Seward, Henry A. Swift, Dwight Woodbury, John McCusick, John R. Jones, of Minnesota; Joseph A. Gilmore, (18) Charles W. Woodman, of New Hampshire; W. H. Grimes, J. C. Stone, Chester Thomas, John Kerr, (9) Werter R. Davis, Luther C. Challis, Josiah Miller, of Kansas; Gilbert C. Monell and Augustus Kountz, (20) T. M. Marquette, William H. Taylor, Alvin Saunders, of Nebraska; (21) John Evans, of Colorado; together with five commissioners to be appointed by the Secre tary of the Interior, and all persons who shall or may be associated with them, and their successors, are hereby created and erected into a body corporate and politic in deed and in law, by the name, style, and title of " The Union Pacific Railroad Company;" and by that name shall have perpetual succession, and shall be able to sue and to be sued, plead and be impleaded, defend and be defended, in all courts of law and equity within the United States, and may make and have a common seal; and the said corporation is hereby authorized and empowered to lay out, locate, construct, furuish, maintain, and enjoy a continuous railroad (2-) and telegraph, with the appurtenances, from (23) a point on the one (24) hundredth meridian of longitude west from Greenwich, (25) between the south margin of the valley of the Republican River and the north margin of the valley of the Platte River, in the Territory of Nebraska, to the western boundary of Nevada Territory, upon the route and terms bereinafter provided, and is hereby vested with all the powers, privileges, and immunities necessary to carry into effect the purposes of this act as herein set forth. The capital stock of said company shall consist of one hundred thousand shares of $100,000 each, which shall be subscribed for and held in not (26) more than two hundred shares by any one person, and shall be transferabie in such manner as the by-laws of said corporation shall provide. The persons hereinbefore named, (27) together with those to be appointed by the Secretary of the Interior, are hereby constituted and appointed commissioners, (28) and such body shall be called the Board of Commissioners of the Union Pacific Railroad (29) and Telegraph Company, and twenty-five shall constitute a quorum for the transaction of business. The first meeting of said board shall be held at Chicago, at such time as the commissioners from Illinois herein named shall appoint, not more than three nor less than one month after the pas sage of this act, notice of which shall be given by them to the other com

missioners by depositing a call therefor in the post-office at Chicago, post paid, to their address at least (30) forty days before said meeting, (31,) and also by publishing said notice in one daily newspaper in each of the cities of Chicago and St. Louis. Said board shall organize by the choice from its number of a president, secretary, and treasurer, and they shall require from said treasurer such bonds as may be deemed proper, and may from time to time increase the amount thereof as they may deem proper. It shall be the duty of said board of commissioners to open books, or cause books to be opened, at such times and in such principal cities in the United States as they, or a quorum of them shall determine, to receive subscriptions to the capital stock of said corporation, and a cash payment of ten per centum on all subscriptions, and to receipt therefor. So soon as two thousand shares shall be in good faith subscribed for, and ten dollars per share actually paid into the treasury of the company, the said president and secretary of said board of commissioners shall appoint a time and place for the first meeting of the subscribers to the stock of said company, and shall give notice thereof in at least one newspaper in each State in which sub. scription books have been opened at least thirty days previous to the day of meeting, and such subscribers as shall attend the meeting so called, either in person or by proxy, shall then and there elect by ballot not less than thirteen directors for said corporation; and in such election each share of said capital shall entitle the owner thereof to one vote. The president and secretary of the board of commissioners shall act as inspectors of said election, and shall certify under their hands the names of the directors elected at said meeting; and the said commissioners, treasurer, and secretary shall then deliver over to said directors all the properties, subscription books, and other books in their possession, (32) and thereupon the duties of said commissioners and the officers previously appointed by them shall cease and determine forever, and thereafter the stockholders shall constitute said body politic and corporate. At the time of the first and each triennial election of directors by the stockholders, two additional directors shall be appointed by the President of the United States, who shall act with the body of directors, and to be denominated directors on the part of the government; any vacancy happening in the government directors at any time may be filled by the (33) President of the United States. The directors to be appointed by the President shall not be stockholders in the Union Pacific Railroad Company. The directors so chosen shall, as soon as may be after their election, elect from their own number a president and vice-president, and shall also elect a treasurer and secretary. No person shall be a director in said company unless he shall be a bona fide owner of at least five shares of stock in the said company, except the two directors to be appointed by the President as aforesaid. Said (34) company, at any regular meeting of the stockholders called for that purpose, shall have power to make by-laws, rules, and regulations as they shall deem needful and proper, touching the disposition of the stock, property, estate, and effects of the company, not inconsistent herewith, the transfer of shares, the term of office, duties, and conduct of their officers and servants, and all matters whatsoever which may appertain to the concerns of said company; and the said board of directors shall have power to appoint such engineers, agents, and subordinates as may from time to time be necessary to carry into effect the object of this act, and to do all acts and things touching the location and construction of said road (35) and telegraph. Said directors may require payment of subscrip

tions to the capital stock, after due notice, at such times, and in such proportions as they shall deem necessary to complete the railroad and telegraph within the time in this act prescribed. Said president, vice-president, and directors shall hold their office for three years, and until their successors are duly elected (36) and qualified, or for such less time as the by-laws of the corporation may prescribe; and a majority of said directors shall constitute a quorum for the transaction of business. The secretary and treasurer shall give bonds, with such security, as the said board shall from time to time require, and shall hold their offices at the will and pleasure of the directors. Annual meetings of the stockholders of the said corporation, for the choice of officers. (when they are to be chosen.) and for the transaction of annual business, shall be holden at such time and place and upon such notice as may be prescribed in the by-laws.

S c. 2. And be it further enacted, That the right of way through the public lands be, and the same is hereby granted to said company for the construction of said railroad and telegraph line, and the right, power, and authority is hereby given to said company to take from the public lands adjacent to the line of said road, earth, stone, timber, and other materials for the construction thereof; said right of way is granted to said railroad to the extent of two hundred feet in width on each side of the line of said railroad where it may pass over the public lands, including all necessary grounds for stations, buildings, workshops, and depots, machine shops, switches, side tracks, turn tables, and water stations. The United States shall extinguish as rapidly as may be the Indian titles to all lands falling under the operation of this act, and required for the said right of way and grants hereinafter made.

SEC. 3. And be it further enacted, That there be, and is herby granted to the said company, for the purpose of aiding in the construction of said railroad and the telegraph line, and to secure the safe and speedy transportation of the mails, troops, munitions of war, and public stores thereon, every alternate section of (37) public land, designated by odd numbers, to the amount of five alternate sections per mile on each side of said railroad, (38) on the line thereof, (39) and within the limits of ten miles on each side of said road, not sold, reserved, or otherwise disposed of by the United States, and to which a pre emption or homestead claim may not have attached, at the time the line of said road is definitely fixed. Provided, That all mineral lands shall be excepted from the operation of this (40) act; but where the same shall contain timber, the timber thereon is hereby granted to said company. And all such lands, so granted by this section, which shall not be sold or disposed of by said company within three years after the entire road shall have been completed, shall be (41) subject to settlement and pre-emption, like other lands, at a price not exceeding one dollar and twenty-five cents per acre, to be paid to said company.

SEC. 4. And be it further enacted, That whenever said company shall have completed forty consecutive miles of any portion of said railroad and telegraph line, ready for the service contemplated by this act, and supplied with all necessary drains, culverts, viaducts, crossings, sidings, bridges, turnouts, watering places, depots, equipments, furniture, and all other appurtenances of a first-class railroad, the rails and all the other iron used in the construction and equipment of said road (42) to be American manufacture of the best quality, the President of the United States shall appoint three commissioners to examine the same and report to him in relation thereto;